On Wednesday, May 21, 2014, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Earl Jessiman.
Specifically, Jessiman admitted to the following violation:
(a) From December 2005 to December 2008, Jessiman, as a branch manager, failed to adequately supervise the activity in the account of two clients, contrary to IIROC Dealer Member Rules 1300.2 and 2500 (IDA Regulation 1300.2 and Policy 2, prior to June 1, 2008).
Pursuant to the settlement agreement, Jessiman agreed to the following penalties:
(a) payment of a fine in the amount of $20,000; and
(b) a suspension in any supervisory capacity for a period of 12 months.
Jessiman also agreed to pay costs in the amount of $2,000.
IIROC formally initiated the investigation into Jessiman’s conduct in March 2012. The conduct occurred when he was a branch manager with the Halifax branch of Canaccord Genuity, an IIROC-regulated firm. Jessiman is currently a registered representative with the Halifax branch of TD Waterhouse Canada Inc., an IIROC-regulated firm.
Read the settlement agreement.