Rep fined $10K for misleading trading activity

On July 28, 2016, IIROC accepted a settlement agreement, with sanctions, between IIROC staff and Robert Sole.

Sole admitted that he conducted orders that he ought reasonably to have known would create, or could reasonably be expected to create, a false or misleading appearance of trading activity in or interest in, the purchase or sale of securities or an artificial price for securities.

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Specifically, Sole admitted to the following violation:

• between March 2013 and June 2013, and between October 2014 and December 2014,while a proprietary trader at W.D. Latimer Co. Ltd., he entered orders that he ought reasonably to have known, would create or could reasonably be expected to create, a false or misleading appearance of trading activity in or interest in the purchase or sale of securities or an artificial price for securities, contrary to UMIR 2.2(2) and UMIR Policy, for which he is liable under UMIR 10.4(1).

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Pursuant to the Settlement Agreement, Sole agreed to the following penalties:

• a fine of $10,000 payable to IIROC; and
• a suspension of access to IIROC regulated marketplaces from August 15, 2016 to September 15, 2016.

Sole also agreed to pay costs in the amount of $1,000.

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Staff

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