On October 18, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Thomas Stock.
Mr. Stock admitted to conduct involving excessive and unsuitable trading in the accounts of a client that was not within the bounds of good business practices, and a failure to cooperate with IIROC Enforcement Staff.
Specifically, Mr. Stock admitted to the following violations:
- Between April 2017 and March 2018, the Respondent engaged in excessive trading in the accounts of LN which was not within the bounds of good business practices and not suitable for LN contrary to Dealer Member Rules 1300.1(o) and 1300.1(q); and
- Between August and November 2020, the Respondent failed to cooperate with IIROC Enforcement Staff (“Staff”) who were conducting an investigation, contrary to section 8104 of the Consolidated Rules.
Pursuant to the Settlement Agreement, Mr. Stock agreed to the following penalty:
- A permanent bar to approval in any capacity; and
- A fine of $10,000.
Mr. Stock also agreed to pay costs in the amount of $5,000.
The Settlement Agreement is available at:
The Hearing Panel’s decision will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into Mr. Stock’s conduct in May 2018. The alleged violations occurred while he was a Registered Representative with the Vancouver branch of Haywood Securities Inc., an IIROC-regulated firm. Mr. Stock is no longer a registrant with an IIROC-regulated firm.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.
View the PDF from the Investment Industry Regulatory Organization of Canada (IIROC CA) here: Source link