TORONTO, Jan. 8 /CNW/ - The Investment Dealers Association of Canada (IDA) announced today that a hearing will be held before a Hearing Panel appointed pursuant to By-law 20 for the presentation, review and consideration of a Settlement Agreement.
The Settlement Agreement is between staff of the IDA and Mr. Robert Faiello, who was at all material times a Registered Representative (Retail) at the Richmond Hill branch office of RBC Dominion Securities Inc., a Member of the IDA, and relates to matters for which he may be disciplined. The conduct that is the subject of the settlement hearing took place between May and November 2004, inclusive and involves Mr. Faiello's failure to know one of his clients and his failure in his gatekeeper duties by accepting trade orders from that same client in the stock of Pender International Inc. that IDA staff concluded was the subject of a market manipulation, contrary to Regulation 1300.1(a) and By-law 29.1, respectively.
The hearing is scheduled to commence at 10:00 a.m. or soon thereafter, on Tuesday, January 16, 2007 at 111 Richmond Street West, Suite 1500 in Toronto, Ontario. The hearing is not open to the public unless and until the Settlement Agreement has been accepted by the Hearing Panel. Copies of the decision of the Hearing Panel and the Settlement Agreement will be made available if and when the Settlement Agreement is accepted by the Hearing Panel.
The Investment Dealers Association of Canada is the national self-regulatory organization of the securities industry. The IDA's mission is to protect investors, foster market integrity and enhance the efficiency and competitiveness of the Canadian capital markets. The IDA enforces rules and regulations regarding the sales, business and financial practices of its Member firms and their approved persons. Investigating complaints and disciplining Members and approved persons is part of the IDA's regulatory role.
For further information: Alex Popovic, Vice President, Enforcement, (416) 943-6904 or apopovic@ida.ca; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996 or jkehoe@ida.ca
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