On July 15, 2014, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement, with sanctions, between IIROC staff and Afam Elue.
Elue admits to the following contraventions of IIROC dealer member rules, guidelines, regulations or policies.
Count 1: From or about December 2011 to September 2012, Elue engaged in business conduct unbecoming of 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
Count 2: From or about July to August 2012, 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).
Staff and Elue agreed to the following terms of settlement:
- a global fine of $20,000; and
- in the event of re-registration, Elue will be subject to strict supervision for six months and will be required to re-write the Conduct and Practices Handbook exam.
Elue agrees to pay costs to IIROC in the sum of $2,500. Read the settlement agreement.
IIROC formally initiated the investigation into Elue’s conduct in August 2012. The violations occurred when he was a registered representative with the Toronto branch of Edward Jones, an IIROC-regulated firm. Elue is no longer a registrant with an IIROC-regulated firm.