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Enforcement Notice IN THE MATTER OF Afam Elue - Discipline Hearing

TORONTO, March 7, 2014 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Afam Elue.

A Disciplinary Hearing had originally been scheduled for December 18, 2013. The hearing was adjourned to January 16, 2014; and further adjourned to March 17, 2014.

The hearing concerns allegations that Mr. Elue failed to co-operate with an IIROC investigation in that he declined to attend an investigative interview.  It is also alleged that he altered and re-used client account related documents and thereby made misrepresentations to his firm; and that he effected trades on third party instructions without authorization.

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:   Monday, March 17, 2014 at 10:00 a.m.
   
Location:   


IIROC Office, British Columbia Room    
121 King Street W., Suite 2000    
Toronto, ON  M5H 3T9
   

Specifically, the allegations are that:

(a)  In October 2013, Mr. Elue failed to co-operate with IIROC in that he failed to attend an IIROC interview, contrary to IIROC Rule 19.5;
   
(b)  From or about December 2011 to September 2012, Mr. Elue engaged in business conduct unbecoming a registrant or detrimental to the public interest in that he altered and re-used client account related documents and thereby made misrepresentations to his Dealer Member firm, contrary to IIROC Dealer Member Rule 29.1; and
   
(c)  From or about July to August 2012, Mr. Elue effected trades in the account of a client based on the instructions of a third party without  a duly executed trading authorization, contrary to Rule 200.1(i)(3).
   

IIROC formally initiated the investigation into Mr. Elue's conduct in August 2012. The alleged client related violations occurred when he was a Registered Representative with the Toronto branch of Edward Jones, an IIROC-regulated firm. Mr. Elue is no longer a registrant with an IIROC-regulated firm.

An Amended Notice of Hearing which sets out the allegations is available at:

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=9990393A6A8B4A29B7A5BD1EE5B3F8C5&Language=en.

Please note that the Amended Notice of Hearing reflects the following changes:

  • IIROC is no longer pursuing an allegation that he failed to use due diligence to ensure that recommendations were suitable for his client, contrary to IIROC Dealer Member Rule 1300.1(q);

  • IIROC is now including an allegation that he altered and re-used client account related documents and thereby made misrepresentations to his firm; and

  • IIROC is now also including an allegation that he effected trades on third party instructions without authorization.

*  *  *

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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