Enforcement Notice - IN THE MATTER OF Robert James Lewis - Discipline Hearing
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Investment Industry Regulatory Organization of Canada (IIROC) - General NewsJan 07, 2015, 15:30 ET
VANCOUVER, Jan. 7, 2015 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Robert James Lewis.
The hearing concerns allegations that Mr. Lewis engaged in several unauthorized outside business activities, including preparation of tax returns and providing investment counseling services; engaged in personal financial dealings with several clients; made an unauthorized settlement with a client; and used blank signed client forms to process transactions in clients' accounts.
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: |
June 15 – 19, 2015 at 10:00 a.m. |
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| Location: |
Reportex Agencies Ltd. |
|
| 1010 – 925 West Georgia Street |
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| Vancouver, British Columbia |
Specifically, the allegations are that:
| (a) |
Between 2008 and 2012, Mr. Lewis acted contrary to Dealer Member Rule 29.1 and 18.14 by preparing tax returns for his clients and charging a fee for his service without the prior knowledge or approval of his firm; |
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| (b) |
Between 2008 and 2012, Mr. Lewis charged fees to six of his clients for investment counseling services without the prior knowledge or approval of his firm and thereby: |
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| i. |
Acted contrary to Dealer Member Rules 29.1 and 18.14 by conducting an unauthorized outside business activity; or |
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| ii. |
Acted contrary to Dealer Member Rule 18.15 by accepting remuneration directly from someone other than his firm or its affiliates or related companies; |
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| (c) |
Between 2008 and 2012, Mr. Lewis engaged in personal financial dealings with five of his clients contrary to Dealer Member Rule 29.1 by paying and/or loaning funds to his clients without the knowledge or approval of his firm; |
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| (d) |
Between September and December 2011, Mr. Lewis acted contrary to Dealer Member Rule 29.1 when he failed to notify his firm of a client complaint; |
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| (e) |
Between September and December 2011, Mr. Lewis acted contrary to Dealer Member Rule 29.1 when he attempted to settle a client complaint without the knowledge or approval of his firm; and |
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| (f) |
Between 2008 and 2012, Mr. Lewis acted contrary to Dealer Member Rule 29.1 by using blank forms and documents which had been signed by his clients to process a variety of transactions in his clients' accounts. |
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IIROC formally initiated the investigation into Mr. Lewis's conduct in July 2012. The alleged violations occurred while he was a Registered Representative with the Vancouver branch of Manulife Securities Inc., an IIROC-regulated firm. Mr. Lewis is currently a registrant with Raymond James Ltd., an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=5E9E54A104104431AC8636308099DA5D&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
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