CALGARY, Oct. 30, 2012 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), to consider whether the panel should accept a Settlement Agreement entered into between IIROC staff and Wellington West Capital Inc. and Lesley Walters-Sagher.
The Agreement concerns the conduct of Wellington West Capital Inc. and Ms. Walters-Sagher, who failed to use due diligence to know and understand leveraged exchange-traded fund products; and failed to adequately supervise Registered Representatives when they recommended these products to their clients.
The hearing is not open to the public, but will become open in the event the panel accepts the agreement. If the agreement is accepted, the Panel's decision and the Settlement Agreement 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:||November 1, 2012 at 10 a.m.|
Delta Hotel, Kildonan Room
350 St. Mary Avenue
IIROC formally initiated the investigation into Wellington West Capital Inc.'s and Ms. Walters-Sagher's conduct in December 2010. The conduct occurred when Wellington West Capital Inc. was an IIROC-regulated firm and Ms. Walters-Sagher was a Branch Manager with the Winnipeg branch of the firm. Wellington West Capital Inc. was acquired by National Bank Financial Ltd., another IIROC Dealer Member, in July 2011; and Lesley Walters-Sagher is currently a registrant with National Bank Financial Ltd.
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.
IIROC Notice 12-0321 Enforcement Notice/News Release - In the Matter of Wellington West Capital Inc. and Lesley Walters-Sagher - Settlement Hearing
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News