IIROC fines, bans former trader for trading while suspended

By Staff | June 26, 2018 | Last updated on June 26, 2018
1 min read

An IIROC hearing panel has fined and banned a former trader for entering orders on IIROC-regulated marketplaces while his access to those markets was suspended.

Robert Edward Sole worked for the Toronto branch of W.D. Latimer Co. Limited, an IIROC-regulated firm, an IIROC release said. He was fined $80,000.

In 2016, Sole admitted to placing orders he did not intend to execute in order to affect the calculated opening price of securities—a practice known as “spoofing”—as well as to another offence, IIROC’s reason for decision said.

In a settlement agreement, he agreed to a one-month suspension and to pay a $10,000 fine, the document said.

During that suspension, Sole took employment as a trader with a proprietary firm and accessed IIROC-regulated marketplaces, it said.

The panel also found that Sole engaged in an outside business activity without the approval of his employer. Sole also failed to cooperate with IIROC’s investigation, the release said.

Sole is also required to pay costs of $10,000. He is no longer a registrant with an IIROC-regulated firm and is permanently banned from registering in any capacity with IIROC.

Read the decision here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.