Regulatory

IIROC settles with Paul Ryan Klemke

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement between IIROC staff and Paul Ryan Klemke. In the agreement, Mr. Klemke admitted to unauthorized trading in client accounts; violating his know-your-client and suitability obligations in certain trading in client accounts; and trading in a security that was […]

By Staff |January 17, 2011

2 min read

OSC issues investor alert: Impact Finance and Douglas Charles

The Ontario Securities Commission is warning investors not to send money to Impact Finance or Douglas Charles. Representatives of these entities, including an individual purported to be Ian T. Ball, may be soliciting residents of Ontario in a fraudulent advance fee scheme. Impact Finance and Douglas Charles representatives are contacting investors who hold securities of […]

By Staff |January 17, 2011

1 min read

IIROC makes changes to arbitration program

The board of directors of IIROC has approved two key changes to the SRO’s arbitration program, effective immediately for new cases. First, the previous $100,000 reward limit has been increased to $500,000. Second, investors now have the option, under certain conditions, to eliminate the discretion of arbitrators to award costs against a party. “The higher […]

By Staff |January 14, 2011

1 min read

OSC should allow ABCP ethics probe

At a time when investors and industry participants are calling for proper regulatory enforcement, we get word that the OSC is considering a request that an IIROC investigation be shut down. The request comes from Deutsche Bank Securities, which is under scrutiny for its role in the distribution of asset backed commercial paper products, which […]

By Steven Lamb |January 14, 2011

1 min read