TORONTO, Feb. 27, 2013 /CNW/ - Following a penalty hearing held on January 16, 2013, in Toronto, Ontario, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), imposed the following penalties on Steven George Conville:
|(a)||A six month suspension on the approval of Mr. Conville to act as a partner, director, officer or employee of a Dealer Member. As Mr. Conville lost his employment on October 25, 2012, and is still not working in the industry, the suspension will be back-dated to October 25, 2012, and will conclude on April 25, 2013;|
|(b)||A fine in the amount of $50,000.00; and|
|(c)||As a condition of re-registration, Mr. Conville must successfully complete the following courses, offered by the Canadian Securities Institute:|
|(i) Ethics, Regulation and Professionalization of the Advisor; and|
|(ii) Fraud in the Securities Industry.|
Should either or both of the said courses not be available within a reasonable period of time, Mr. Conville shall be at liberty to substitute one or more equivalent courses with the written consent of IIROC.
Mr. Conville is also required to pay costs in the amount of $15,000.
The penalty decision can be found at:
In an earlier decision dated June 11, 2012, the Hearing Panel found that Mr. Conville participated in and facilitated a scheme, including preparing false client account statements, to obtain a mortgage. The decision on Liability can be found 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. Conville's conduct in May 2009. It is alleged that the violations occurred when Mr. Conville was a Registered Representative with a Markham, Ontario Branch of Macquarie Private Wealth Inc., formerly Blackmont Capital Inc., an IIROC-regulated firm. Mr. Conville 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