Enforcement Notice Hearing - IN THE MATTER OF Yu Qiong (Kevin) Li - Discipline Hearing
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Investment Industry Regulatory Organization of Canada (IIROC) - General NewsFeb 18, 2015, 15:35 ET
VANCOUVER, Feb. 18, 2015 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Yu Qiong (Kevin) Li.
The hearing concerns allegations that Mr. Li made unauthorized purchases in one client's account, made discretionary transactions in a number of clients' accounts, and tried to disguise those discretionary trades by designating them as "unsolicited" orders on the trade tickets. It is also alleged that Mr. Li refused to provide IIROC with information required for its investigation into his conduct.
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: |
March 3, 2015 at 10:00 a.m. |
| Location: |
Reportex Agencies Ltd. |
| 1010 – 925 West Georgia Street |
|
| Vancouver, British Columbia |
Specifically, the allegations are that:
| (a) |
From July 2011 to October 2011, Mr. Li made unauthorized purchases and sales in a client account, contrary to IIROC Dealer Member Rule 29.1; |
| (b) |
On October 4, 2011, Mr. Li made discretionary sales in client accounts, contrary to IIROC Dealer Member Rule 1300.4; |
| (c) |
On October 4, 2011, Mr. Li made misrepresentations to his firm, contrary to IIROC Dealer Member Rule 29.1, by marking the trade tickets for sell orders in client accounts as "unsolicited" when he had used his discretion to make the transactions without the knowledge of his clients; and |
| (d) |
From November 2012 to August 2013, Mr. Li refused to provide information required for an IIROC investigation into his conduct, contrary to IIROC Dealer Member Rule 19.5. |
IIROC formally initiated the investigation into Mr. Li's conduct in March 2012. The alleged violations occurred while he was a Registered Representative with a Richmond branch of TD Waterhouse Canada Inc., an IIROC-regulated firm. Mr. Li 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=F6A5C25A96F44C75998052AB70EE0E84&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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