RBC advisor hid accounts at other firms: IIROC

Toronto RBC Dominion Securities advisor Roland Papp maintained multiple brokerage accounts outside of his firm without its knowledge, and that he made untrue and misleading statements in an attempt to conceal his misconduct.

By Staff | October 28, 2016 | Last updated on October 28, 2016

1 min read

An IIROC hearing has found that Toronto RBC Dominion Securities advisor Roland Papp maintained multiple brokerage accounts outside of his firm without its knowledge, and that he “made untrue and misleading statements in an attempt to conceal his misconduct.”

The case was heard September 16, in a decision dated October 20, 2016, the IIROC hearing panel found:

(a) Between February 2005 and June 2014, Papp maintained brokerage accounts outside of his Dealer Member, without the knowledge or consent of his Dealer Member, contrary to IIROC Dealer Member Rule 29.1; and

(b) Between February 2005 and June 2014, Papp made untrue and misleading statements to his Dealer Member as well as to the other Dealer Members at which he maintained brokerage accounts, contrary to IIROC Dealer Member Rule 29.1.

IIROC will hold a separate hearing to determine a penalty for Papp.

IIROC formally initiated the investigation into Papp’s conduct in December 2014. The violations occurred while he was a Registered Representative with the Toronto, Ontario branch of RBC Dominion Securities. Papp is no longer a registrant with an IIROC-regulated firm.

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