VANCOUVER, Feb. 28, 2013 /CNW/ - Following a disciplinary hearing held on February 5, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that Jordan Rocco Steel misappropriated approximately $40,000 from two investment advisors for whom he worked as a registered assistant.
The Hearing Panel assessed the following penalties against Mr. Steel:
(a) A permanent ban on approval in any capacity; and
(b) A fine of $100,000.
The Hearing Panel also ordered Mr. Steel to pay costs in the amount of $8,454.
The panel's decision dated February 5, 2013 is available at
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. Steel's conduct in December 2011. The alleged violations occurred when he was a Registered Representative with the Vancouver branch of Canaccord Genuity Corp., an IIROC-regulated firm. Mr. Steel is no longer a registrant with an IIROC-regulated firm.
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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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Enforcement Notice - IN THE MATTER OF Jordan Rocco Steel - Liability and Penalty Decision
Feb 28, 2013, 02:30 EST