Legal Issues

Following an expedited hearing held on September 10, 2015 in Toronto, with notice to Edgecrest Capital Corporation, a hearing panel of the Investment Industry Regulatory Organization of Canada suspended the membership of Edgecrest.

The hearing panel ordered the following.

1. Pursuant to Dealer Member Rule 20.45(1)(a), Edgecrest’s membership in IIROC is hereby suspended.

2. Pursuant to Dealer Member Rule 20.45(1)(d), Edgecrest shall immediately cease dealing with the public.

3. Edgecrest shall comply with IIROC Dealer Member Rule 600 throughout the suspension period.

4. Edgecrest shall preserve all books and records, including all hard copy and electronic records in Edgecrest’s possession or control (including any computer servers, hard drives and any other electronically stored records in any form) (the “Records”) for a period of seven years or pending further order of a Hearing Panel, which Records shall be made available to IIROC staff on demand within a reasonable timeframe.

5. Upon determination of all client claims against Edgecrest to the satisfaction of IIROC Staff, IIROC Staff may move, without notice to Edgecrest, for an order terminating the membership of Edgecrest.

6. An order that Edgecrest shall pay any outstanding IIROC and Canadian Investor Protection Fund fees.

7. This order shall come into effect immediately.

Read the hearing panel’s order.

Originally published on Advisor.ca

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