From the Wires
IN THE MATTER OF Marco Myatovic and Doreen Lowe - Penalty Hearing
Nov. 27, 2012 03:41 PM
VANCOUVER, Nov. 27, 2012 /CNW/ - A penalty hearing has been scheduled
before a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC) in the matter of Marco Myatovic and
Doreen Lowe.
The panel will consider the appropriate penalty to be imposed as a
result of its earlier decision which found that Mr. Myatovic and Ms.
Lowe failed in their roles as gatekeepers by facilitating manipulative
or suspicious trading activity in several client accounts, thereby
engaging in conduct unbecoming. An allegation of unauthorized trading
by Ms. Lowe and an allegation that Mr. Myatovic failed to know his
clients were dismissed by the Hearing Panel.
The panel's Decision dated July 31, 2012 is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=59FDCA350C9D46C189BD8BEF4E375326&Language=en.
The penalty hearing is open to the public, unless the panel orders
otherwise. Documents related to ongoing IIROC enforcement proceedings -
including Reasons and Decisions of Hearing Panels - are posted on the
IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
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Hearing Date:
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November 27 & 28, 2012 at 9:00 a.m.
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Location:
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Morris J. Wosk Centre for Dialogue
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SFU Vancouver, 580 West Hastings Street, Room 420
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Vancouver, B.C.
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Specifically, the panel found that Mr. Myatovic and Ms. Lowe committed
the following violations:
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(a)
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During April 2008 to March 2009, Mr. Myatovic failed in his role as
gatekeeper by facilitating manipulative or suspicious trading activity
in several client accounts by prearranging trades and taking
instructions from an individual who was not the account holder, thereby
engaging in conduct unbecoming, contrary to IDA By law 29.1 and IIROC
Dealer Member Rule 29.1;
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(b)
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During April 2008 to March 2009, Ms. Lowe failed in her role as
gatekeeper by facilitating manipulative or suspicious trading activity
in several client accounts by pre-arranging trades and taking
instructions from an individual who was not the account holder, thereby
engaging in conduct unbecoming, contrary to IDA By law 29.1 and IIROC
Dealer Member Rule 29.1.
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IIROC formally initiated the investigation into Mr. Myatovic's conduct
in August 2008 and Ms. Lowe's conduct in February 2009. The violations
occurred when Mr. Myatovic was a Registered Representative with the
Prince George office of Canaccord Capital Corp. (now Canaccord Genuity
Corp.) and when Ms. Lowe was a Registered Representative with the
Vancouver office of Research Capital Corporation (now Mackie Research
Capital Corporation). Mr. Myatovic is no longer a registrant with an
IIROC-regulated firm. Ms. Lowe is an IIROC registrant at the Vancouver
office of Global Securities Corporation.
IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces
in Canada. Created in 2008 through the consolidation of the Investment
Dealers Association of Canada and Market Regulation Services Inc.,
IIROC sets high quality regulatory and investment industry standards,
protects investors and strengthens market integrity while maintaining
efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and
enforcing rules regarding the proficiency, business and financial
conduct of dealer firms and their registered employees and through
setting and enforcing market integrity rules regarding trading activity
on Canadian equity marketplaces.
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.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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