Enforcement Notice Decision - IN THE MATTER OF Paul Frederick Richardson - Settlement Accepted

Jul 09, 2013, 12:46 ET from Investment Industry Regulatory Organization of Canada (IIROC) - General News

TORONTO, July 9, 2013 /CNW/ - On June 26, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Paul Frederick Richardson.

Mr. Richardson admitted that he failed to fully and properly supervise a Registered Representative at his branch.

Specifically, Mr. Richardson admitted to the following violation:

(a)  Between December 2007 and July 2009, Mr. Richardson, a Branch Manager, failed to fully and properly supervise Stephen Robert Peirson, a Registered Representative at his branch, and his client account activities contrary to IIROC Dealer Member Rules 1300.2 and 2500 (IDA Regulation 1300.2 and Policy No. 2 prior to June 1, 2008).

Pursuant to the Settlement Agreement, Mr. Richardson agreed to the following penalty:

(a)      A fine in the amount of $15,000;
(b)      A suspension from registration approval as a Supervisor for a period of one month; and
(c)      Successfully re-write the Branch Managers Course within 12 months of the acceptance of the Settlement Agreement.

Mr. Richardson also agreed to pay costs in the amount of $2,000.

The Settlement Agreement is available at:


and the Hearing Panel's decision will be made available at www.iiroc.ca.

Documents related to ongoing IIROC enforcement proceedings - including Reasons and Decisions of Hearing Panels - are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

IIROC formally initiated the investigation into Mr. Richardson's conduct in October 2010.  The conduct occurred when he was a Registered Representative and Supervisor with a Kingston, Ontario branch of Raymond James Ltd., an IIROC-regulated firm, where he is still currently employed.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News