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A regulatory hearing panel has formally terminated the membership of Toronto-based Jacob Securities Inc. in the Investment Industry Regulatory Organization of Canada (IIROC).

IIROC released a hearing panel ruling Nov. 15 that revoked Jacob Securities’ membership in the self-regulatory organization (SRO).

The firm, which had been suspended since December 2015, consented to the order.

“Jacob has complied with the terms of the suspension order and does not hold client assets,” IIROC noted.

Back in 2015, the firm was suspended due to evidence that “Jacob posed a risk of imminent harm to the public,” a “precarious” financial situation, and “numerous and significant repeated deficiencies in compliance as well as other supervisory deficiencies,” the panel said in its ruling.

In 2018, IIROC held a hearing to consider the firm’s application seeking permission to resign its membership.

The SRO’s board rejected that application, concluding that “it would not be in the public interest to accept Jacob’s proffered resignation” due to its history of misconduct.

Ultimately, the panel accepted a subsequent settlement terminating the firm’s membership.