Enforcement Notice - IN THE MATTER OF Ravindra Kumar Suppal - Penalty Hearing

Aug 02, 2013, 12:00 ET from Investment Industry Regulatory Organization of Canada (IIROC) - General News

CALGARY, Aug. 2, 2013 /CNW/ - A penalty hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Ravindra Kumar Suppal.

The Hearing Panel will consider the penalty to be imposed as a result of their decision dated June 10, 2013, which found that Mr. Suppal acted contrary to IIROC Rules 1300.1(a), 1300.1(q), and 29.1. Mr. Suppal was found to have failed in his "know your client" obligations, failed to ensure that recommendations were suitable for his clients, and made unauthorized trades.

The Hearing Panel's liability decision is available at: http://www.iiroc.ca/Documents/2013/b8ac4a4f-19e5-4368-ab44-a32e7e53803d_en.pdf

The penalty hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the Hearing Panel 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.

Hearing Date:    September 5 - 6, 2013 at 10:00 a.m.
Location:     The Fairmont Winnipeg Hotel
  2 Lombard Place
  Winnipeg, Manitoba
  East Ballroom

IIROC formally initiated the investigation into Mr. Suppal's conduct in September 2010.  The violations occurred while he was a Registered Representative, and later a Branch Manager, with the Winnipeg branch of First Financial Securities Inc., an IIROC-regulated firm.  Mr. Suppal is a Registered Representative and Supervisor with Portfolio Strategies Securities Inc.

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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