Enforcement Notice - IN THE MATTER OF David Guy Schayes - Discipline Hearing
News provided by
Investment Industry Regulatory Organization of Canada (IIROC) - General NewsApr 19, 2013, 14:40 ET
CALGARY, April 19, 2013 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of David Guy Schayes.
The hearing concerns allegations that Mr. Schayes: made unsuitable trades in the accounts of two clients, made unauthorized trades in the account of two clients, failed to know his client, and failed to cooperate with an IIROC investigation.
The hearing is open to the public, unless the 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: | May 28, 2013 at 10:00 a.m. |
| Location: | The Sutton Place Hotel, Room: Northcote |
| 10235 - 101 Street | |
| Edmonton, Alta. |
Specifically, the allegations are that:
| (a) | Since August of 2011, Mr. Schayes has failed to cooperate with an IIROC investigation, contrary to Dealer Member Rule 19.5; |
| (b) | In September of 2006 and February of 2007, Mr. Schayes made unsuitable trades in a client's account, contrary to IDA by-law 1300.1(q); |
| (c) | In September of 2006 and February of 2007, Mr. Schayes made 13 unauthorized trades in a client's account, contrary to IDA by-law Rule 29.1; |
| (d) | Between June of 2006 and September of 2008, Mr. Schayes 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) (IDA by-law 1300.1(a) prior to June 1, 2008); |
| (e) | Between June of 2006 and September of 2008, Mr. Schayes made unsuitable trades in a client's account, contrary to Dealer Member Rule 1300.1(q) (IDA by-law 1300.1 (q) prior to June 1, 2008); |
| (f) | Between June of 2006 and September of 2008, Mr. Schayes made approximately 89 unauthorized trades in a client's account contrary to Dealer Member Rule 29.1 (IDA by-law 29.1 prior to June 1, 2008). |
IIROC formally initiated the investigation into Mr. Schayes' conduct in April 2011. The alleged violations occurred when he was a Registered Representative with the Edmonton branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Schayes is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=A97EB12721374B8B9CB76BB6794D57B7&Language=en.
* * *
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
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article