Enforcement Notice Decision - IN THE MATTER OF Peter Michael Deeb - Penalty Decision
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Investment Industry Regulatory Organization of Canada (IIROC) - General NewsMar 11, 2013, 12:06 ET
TORONTO, March 11, 2013 /CNW/ - Following a penalty hearing held on December 13, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), imposed the following penalties on Peter Michael Deeb:
a. A fine in the amount of $10,000 in respect of Count 2 of the Notice of Hearing; and
b. A fine in the amount of $10,000 in respect of Count 4 of the Notice of Hearing.
The Hearing Panel's written decision and reasons can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=0A683EA97D5848F7A6C82D7D1F26927D&Language=en
In an earlier decision dated November 13, 2012, the panel found that Mr. Deeb committed the following violations:
| (a) | Count 2: From about November 12, 2008 to December 11,2009 Mr. Deeb failed to keep and maintain at all times a proper set of books and records, contrary to IIROC Dealer Member Rule 17.2, Dealer Member Rule 200 and National Instrument 31-301 which thereby permitted him to engage in the type of conduct described in Count 1. |
| (b) | Count 4: In or about July 2011, Mr. Deeb refused to provide access to certain books and records maintained by Hampton Securities Limited despite a request by IIROC FinOps staff and thereby violated IIROC Dealer Member Rule 19.6. |
The Hearing Panel dismissed the following allegations:
| (a) | Count 1: On or about October 28 and 29, 2009, Mr. Deeb commingled client and pro orders, allocated trades after the close of business when the price of securities was known and, in so doing: (a) profited at the expense of his clients and (b) failed to ensure client priority, thereby engaging in conduct unbecoming, contrary to IIROC Dealer Member Rule 29.1. |
| (b) | Count 3: Between February 1, 2009 and April 30, 2009 and again between December 2009 and May 2010, Mr. Deeb engaged in the business practice commonly known as "free-riding" in that securities were purchased without sufficient cash in the relevant accounts and no attempt was made to properly settle the securities transactions, and thereby engaged in conduct unbecoming, contrary to IIROC Dealer Member Rule 29.1. |
IIROC formally initiated the investigation into Mr. Deeb's conduct in December 2009. The violations occurred when he was registered with Hampton Securities Ltd. ("Hampton"), an IIROC-regulated firm. Mr. Deeb continues to be an IIROC registrant at Hampton.
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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
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