TORONTO, Jan. 10, 2014 /CNW/ - Following a disciplinary hearing held on October 23-29 and December 11, 2013, in Toronto, ON, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that Lucy Marie Pariak-Lukic made recommendations to her clients concerning an off-book investment; that she did not make reasonable inquiries to satisfy herself that the sale of the securities of this off-book investment to her clients was exempt from prospectus requirements under securities laws; and that this constituted conduct unbecoming and was not in the public interest, contrary to by-law 29.1.
The Hearing Panel's decision dated January 2, 2014, is available at:
Specifically, the Hearing Panel found that Ms. Lukic committed the following violations:
Between 2006 and 2008, Ms. Lukic recommended and/or facilitated off-book investments for clients
without the knowledge or approval of her employer firm; and
without ensuring that a prospectus had been filed for the investment, or that the distribution properly qualified for a prospectus exemption;
contrary to IDA by-law 29.1.
A separate hearing will be held to determine the penalty to be imposed on Ms. Lukic. The date of the hearing 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 Ms. Lukic's conduct in January 2011. The violations occurred when she was a Registered Representative with the Stoney Creek branch of yourCFO Advisory Group Inc., an IIROC-regulated firm. Ms. Lukic is currently a Registered Representative with the Stoney Creek branch of Burgeonvest Bick Securities Ltd, 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