Enforcement Notice - Decision - In The Matter of Thomas William Dunn and Gordon Joseph Wimble - Settlement Accepted
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Investment Industry Regulatory Organization of Canada (IIROC) - General NewsMay 12, 2015, 17:50 ET
CALGARY, May 12, 2015 /CNW/ - On April 21, 2015, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Thomas William Dunn and Gordon Joseph Wimble.
Mr. Dunn admitted that he failed in his Know Your Client (KYC) obligations with respect to two clients, and made unsuitable recommendations for the same two clients.
Mr. Wimble, the Branch Manager at the time, failed in his supervisory duties regarding Mr. Dunn's handling of the accounts of the two clients.
Specifically, Mr. Dunn and Mr. Wimble admitted to the following violations:
Thomas William Dunn
| a. |
Between April 2009 and December 2010, Mr. Dunn failed to use due diligence to learn and remain informed of the essential facts relative to one of his clients, contrary to Dealer Member Rule 1300.1(a); |
| b. |
Between April 2009 and December 2010, Mr. Dunn made unsuitable recommendations in the accounts of one of his clients, contrary to Dealer Member Rule 1300.1(q); |
| c. |
Between April 2009 and December 2010, Mr. Dunn failed to use due diligence to learn and remain informed of the essential facts relative to one of his clients, contrary to Dealer Member Rule 1300.1(a); |
| d. |
Between April 2009 and December 2010, Mr. Dunn made unsuitable recommendations in the accounts of one of his clients, contrary Dealer Member Rule 1300.1(q); and |
Gordon Joseph Wimble
| e. |
Between June 2009 and December 2010, Mr. Wimble failed to properly supervise Registered Representative Mr. Dunn in the handling of the accounts of two of his clients, contrary to IIROC Dealer Member Rules 38.4 (a) and 2500. |
Pursuant to the Settlement Agreement, Mr. Dunn agreed to the following penalties:
| a. |
A fine in the sum of $65,000; |
| b. |
Successfully rewrite the Conduct and Practices Handbook examination; |
| c. |
A period of six months of close supervision; and |
| d. |
Costs to IIROC in the sum of $5,000. |
Pursuant to the Settlement Agreement, Mr. Wimble agreed to the following penalties:
| a. |
A fine in the sum of $20,000; |
| b. |
In the event of a return to the industry, must not act in a supervisory capacity for a period of six months, and must rewrite the Branch Manager's Examination; and |
| c. |
Costs to IIROC in the sum of $2,500. |
The Settlement Agreement is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=609549B61FF5427D8FA01EA165C27C8E&Language=en.
The Hearing Panel's decision will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into Mr. Dunn's conduct in August 2011. The violations occurred while he was a Registered Representative with the Winnipeg branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Dunn is still employed at CIBC World Markets Inc., as a Registered Representative.
IIROC formally initiated the investigation into Mr. Wimble's conduct in May 2012. The violations occurred while he was a Branch Manager with the Winnipeg branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Wimble is no longer a registrant with an IIROC-regulated firm.
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 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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