IIROC raises ex-advisor’s fine to $1.45 mil

By Staff | August 30, 2012 | Last updated on August 30, 2012
1 min read

The decision made by a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Mark Allen Dennis dated June 3, 2011 was reviewed by the Ontario Securities Commission on November 21, 2011.

The Commission released its decision on July 31, 2012. The Commission found that the panel proceeded on an incorrect principle and made an error of law in imposing a fine against Dennis, which did not achieve disgorgement of the entire amount that he was found to have misappropriated from his client.

Read: IIROC slaps ex-advisor with $1-million fine

Instead of referring the matter back to the panel, the Commission substituted its decision regarding penalty for that of the panel and made the following order:

(a) There will be a permanent bar on Dennis’ approval with IIROC;

(b) Dennis shall pay a fine in the amount of $1,450,000 with respect to his misappropriation of funds from a client;

(c) Dennis shall pay a fine in the amount of $25,000 for his failure to provide information to IIROC in connection with their investigation; and

(d) Dennis shall pay costs in the amount of $7,500.

The $25,000 and $7,500 fines remain the same as in the June 16 decision.

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