IIROC rep suspended, fined $50,000

By Staff | February 28, 2013 | Last updated on February 28, 2013
1 min read

Following a penalty hearing held on January 16, 2013, a hearing panel of the Investment Industry Regulatory Organization of Canada imposed the following penalties on Steven George Conville:

  • A six-month suspension on the approval of Conville to act as a partner, director, officer or employee of a Dealer Member. As Conville lost his employment on October 25, 2012, and is still not working in the industry, the suspension will be backdated to October 25, 2012, and will conclude on April 25, 2013;
  • A fine in the amount of $50,000.00; and
  • As a condition of re-registration, Conville must successfully complete the following courses, offered by the Canadian Securities Institute:

(i) Ethics, Regulation and Professionalization of the Advisor; and

(ii) Fraud in the Securities Industry.

Should either or both of the said courses not be available within a reasonable period of time, Conville shall be at liberty to substitute one or more equivalent courses with the written consent of IIROC.

He’s also required to pay costs in the amount of $15,000.

Read the penalty decision here.

In the earlier decision dated June 11, 2012, the panel found Conville participated in and facilitated a scheme to obtain a mortgage. The decision on liability can be found here.

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