Market Overview

Enforcement Notice - Decision - IIROC Imposes 5 Year Suspension of Access and Fines Toronto Trader Aidin Sadeghi

Share:

Enforcement Notice - Decision - IIROC Imposes 5 Year Suspension of Access and Fines Toronto Trader Aidin Sadeghi

Canada NewsWire

TORONTO, Aug. 23, 2018 /CNW/ - Following a Penalty Hearing held on March 5, 2018, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalty on Aidin Sadeghi:

(a)       

a suspension of access to all IIROC-regulated marketplaces for a period of 5 years beginning on August 7, 2018;


(b)       

a fine in the amount of $9,111.75, representing disgorgement of the financial benefit received by Mr. Sadeghi as a result of his improper trading activity; and


(c)       

a fine in the additional amount of $25,000.

 

Mr. Sadeghi is also required to pay costs in the amount of $25,000.

The Penalty Decision can be found at:
http://docs.iiroc.ca/DisplayDocument.aspxDocumentID=4F1555962FF84A9080CED0F6CD163A43&Language=en 

In an earlier decision dated January 4, 2018, the Hearing Panel found that Mr. Sadeghi entered orders that he knew, or 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 the securities – a violation of Universal Market Integrity Rule ("UMIR") 2.2(2) and UMIR Policy 2.2, for which he is liable under UMIR 10.4(1). 

The Decision on Liability can be found at:  Sadeghi (Re), 2017 IIROC 55

IIROC formally initiated the investigation into Mr. Sadeghi's conduct in May 2013. The violations occurred while he was a Registered Representative and proprietary trader with W.D. Latimer Co. Ltd., an IIROC-regulated firm.  Mr. Sadeghi is no longer a registrant with an IIROC-regulated firm.

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.

*  *  *

IIROC is the national self-regulatory organization which 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 dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian debt and 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

View original content: http://www.newswire.ca/en/releases/archive/August2018/23/c8762.html

View Comments and Join the Discussion!