A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has fined Mark Allen Dennis more than $1 million after finding that he misappropriated a client’s money and failed to co-operate with IIROC’s investigation.
In issuing its decision, the panel imposed a penalty of:
• $1 million fine for the misappropriation;
• $25,000 fine for failing to co-operate;
• $7,500 in costs; and
• a permanent ban from registration with an IIROC-regulated firm.
Specifically, the panel found that Dennis:
• misappropriated approximately $1.4 million from a client, contrary to IIROC Rule 29.1; and
• failed to attend and give information in respect of an investigation being conducted by IIROC staff, contrary to IIROC Rule 19.5.
IIROC began its investigation into Dennis’ conduct in May 2010 after being notified of the allegations by TD Waterhouse Canada Inc. The misappropriation occurred between September 2004 and May 2006 when he was a registered representative with a Hamilton, Ontario branch of TD Waterhouse, an IIROC-regulated firm. Dennis is no longer registered with an IIROC-regulated firm.