IIROC fines rep $15,000

By Staff | May 10, 2013 | Last updated on May 10, 2013
1 min read

On May 2, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), accepted a Settlement Agreement between the IIROC staff and Glenn Arthur Taggart.

Mr. Taggart admitted that he engaged in discretionary trading in the accounts of three related clients.

Specifically, Mr. Taggart admitted to the following violation:

(a) Between 2005 and 2008, Mr. Taggart engaged in discretionary trading in the accounts of three related clients without first having the accounts approved and accepted as discretionary accounts, contrary to IDA Regulations 1300.4 and 1300.5 (IIROC Dealer Member Rules 1300.4 and 1300.5 after June 1, 2008.)

Pursuant to the Settlement Agreement, Mr. Taggart agreed to the following penalty:

(a) A fine in the amount of $15,000.00.

Mr. Taggart also agreed to pay costs in the amount of $3,000.00.

The Hearing Panel’s decision dated May 2, 2013 is available here, and the Settlement Agreement will be made available at IIROC’s website.

Documents related to ongoing IIROC enforcement proceedings — including Reasons and Decisions of Hearing Panels — are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

IIROC formally initiated the investigation into Mr. Taggart’s conduct in May 2011. The violations occurred when he was a Registered Representative with the Ancaster, Ontario branch of DWM Securities Inc., an IIROC-regulated firm. Mr. Taggart is currently working in a registered capacity at the Ancaster, Ontario branch of Burgeonvest Bick Securities Limited, an IIROC-regulated firm.

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