A Quebec woman has been fined $10,000 for misrepresenting herself as a Registered Representative.
On May 7, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement, with sanctions, between IIROC staff and Nicole Arvanitakis.
Arvanitakis admitted that she violated IIROC rules by misrepresenting her credentials upon registration. Read the settlement here.
Specifically, Arvinatakis admitted to the following violation:
(a) Between January 16, 2009 and April 2010, she intentionally led IIROC and two IIROC dealer members (HSBC Securities (Canada) Inc. and CIBC World Markets) to believe, notably by means of a forgery, that she met the specific education criteria to carry on the occupation of Registered Representative, knowing that this was false, contrary to IIROC Dealer Member Rule 29.1.
Pursuant to the settlement agreement, Arvanitakis agreed to the following penalty:
(a) A fine of $10,000; and
(b) A permanent ban.
Arvanitakis also agreed to pay IIROC costs in the amount of $5,000.