Enforcement Notice Hearing - IN THE MATTER OF - Pirkko Ann Ramsay - Discipline Hearing

TORONTO, April 8, 2013 /CNW/ - Following a set-date hearing held on March 25, 2013, a hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Pirkko Ann Ramsay.

The hearing concerns allegations that Ms. Ramsay borrowed funds from her clients without advising her employer, misappropriated funds from those same clients and then failed to cooperate with an IIROC investigation into her conduct in relation to those clients.

The hearing is open to the public, unless the Panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca.

Hearing Date:  May 21 and 24, 2013 at 10 a.m.
Location:   IIROC Office, British Columbia Room
  121 King Street West, Suite 2000
  Toronto, Ont.

Specifically, the allegations are that:

      (a)      In June 2009 and March 2010, Ms. Ramsay engaged in personal financial dealings by borrowing funds from two clients without the knowledge, consent or authorization of her employer Member firm, and in so doing, acted contrary to Dealer Member Rule 29.1;
      (b)      In 2009 and 2010, Ms. Ramsay misappropriated funds from two clients, and in so doing, acted contrary to Dealer Member Rule 29.1; and
      (c)      In April 2012, Ms. Ramsay, while a former registrant of IIROC, failed to co-operate with an IIROC investigation by refusing to give information about her conduct, contrary to Dealer Member Rule 19.5.

IIROC formally initiated the investigation into Ms. Ramsay's conduct in October 2011. The alleged violations occurred when she was a Registered Representative with the Thunder Bay branch of CIBC Investor Services Inc., an IIROC-regulated firm.  Ms. Ramsay is no longer a Registered Representative with an IIROC-regulated firm.

The Notice of Hearing which sets out the allegations is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=D516A2E228DD4353A32EFEB3FDB1EC95&Language=en.

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 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



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