Enforcement Notice Hearing - IN THE MATTER OF Donald Earl Phillips - Settlement Hearing

CALGARY, Feb. 3, 2015 /CNW/ - A contested hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) on February 5, 6, 10, 11, 12, and 13, 2015, in the matter of Donald Earl Phillips.  The hearing has been rescheduled to a one-day hearing on February 5, 2015, to allow the Hearing Panel to consider whether it should accept a Settlement Agreement entered into between IIROC staff and Donald Earl Phillips.

The Settlement Agreement concerns conduct stemming from Mr. Phillips' recommendations to 11 of his clients that they purchase Flow-Through Limited Partnership Units. Mr. Phillips failed to know these clients and failed to recognize that such an investment was unsuitable for them.

The hearing is not open to the public, but will become open in the event that 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.

IIROC formally initiated the investigation into Mr. Phillips' conduct in May 2012.  The conduct occurred while he was a Registered Representative with the Winnipeg branch of Wellington West Capital Inc., which is no longer an IIROC-regulated firm. Mr. Phillips is no longer a registrant with an IIROC-regulated firm. 

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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

Related Links

http://www.iiroc.ca