IIROC releases decision for Dennis

By Staff | February 9, 2011 | Last updated on February 9, 2011
1 min read

A hearing panel of the Investment Industry Regulatory Organization of Canada has found that James Charles Dennis entered into a business referral arrangement with another industry participant for which he received compensation and about which he failed to inform his firm.

The panel announced its findings in a decision dated January 21, 2011. The panel will meet at a future date to determine the appropriate penalty.

Specifically, the panel found that Mr. Dennis entered into an arrangement in which he referred clients to a mutual fund advisor and received commission earnings in return. Between June 2007 and October 2008, Mr. Dennis received total commissions in excess of $300,000. Mr. Dennis did not disclose this arrangement or the compensation to his employer, despite completing annual questionnaires for his firm about outside business activities. The panel found that his actions constituted conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1.

IIROC began its investigation into Mr. Dennis’ conduct on October 24, 2008. The violation occurred while he was a Registered Representative with the Toronto branch of IPC Securities Corp., an IIROC-regulated firm. He is no longer registered with an IIROC-regulated firm.

Advisor.ca staff


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