IN THE MATTER OF Thi Sen Chher - Penalty Decision

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Investment Industry Regulatory Organization of Canada (IIROC) - General News

Mar 09, 2012, 04:11 ET

MONTRÉAL, March 9, 2012 /PRNewswire/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Thi Sen Chher had, between February 28, 2006 and May 4, 2007, appropriated for his own benefit, funds belonging to his mother, a client of his employer.

The decision on liability dated August 12, 2011 can be found at

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=13D50AF3B3FB4DBAA96B235DF76A3E32&Language=en

The panel imposed the following penalties on Mr. Chher:

a)      a prohibition against acting in any capacity for an IIROC dealer member for a period of 10 years;
b)      strict supervision by an employer for a period of one year as of the date of Mr. Chher's rehiring, following the 10-year prohibition, while a Registered Representative or Authorized Person of an IIROC dealer member;
c)      a fine of $25,000; and
d)      payment in the amount of $25,000 in addition to the fine to offset costs incurred by IIROC.

The penalty decision can be found at

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=F35702727C464F2698FB06CFC97747CB&Language=en

IIROC formally initiated the investigation into Mr. Chher's conduct in August 2007.  The violations occurred when he was a Registered Representative with the Montréal branch of National Bank Direct Brokerage Inc., an IIROC-regulated firm.  Mr. Chher 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

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