Enforcement Notice - Decision - IIROC Sanctions Former Toronto Investment Advisor Scott Andrew Hanson Français
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Investment Industry Regulatory Organization of Canada (IIROC) - General News
Sep 23, 2021, 13:30 ET
TORONTO, Sept. 23, 2021 /CNW/ - On September 16, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Scott Andrew Hanson.
Mr. Hanson admitted to the following violations:
(a)        Between January and February 2020, Mr. Hanson engaged in discretionary trading in certain client accounts, contrary to Dealer Member Rule 1300.4;
(b)        Between 2015 and 2018, Mr. Hanson engaged in an outside business activity without       disclosure to, or approval from, his employer, contrary to Dealer Member Rule 18.14; and
(c)        In 2016, Mr. Hanson failed to disclose, consider, and address potential material conflicts of interest when he opened accounts for two clients, contrary to Dealer Member Rule 42.
Pursuant to the Settlement Agreement, Mr. Hanson agreed to the following penalty:
(a)        Global fine of $42,000; 
(b)        Disgorgement of $1,111.72; and
(c)        A prohibition of approval for 3 months.
Mr. Hanson also agreed to pay costs in the amount of $10,000.
This case was resolved by Early Resolution Offer.
The Settlement Agreement is available at:
Hanson, Scott Andrew - Settlement Agreement
The Hearing Panel's decision will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into Mr. Hanson's conduct in October 2020.  The conduct occurred while he was a Registered Representative with the Barrie branch CIBC World Markets Inc., an IIROC-regulated firm.  Mr. Hanson 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, www.iiroc.ca.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: Enforcement Contact: Charles Corlett, Vice-President, Enforcement, 416-646-7253, ccorlett@iiroc.ca; Media Contact: Julia Mackenzie, Public Affairs Specialist, jmackenzie@iiroc.ca
Related Links
www.iiroc.ca
Organization Profile
Investment Industry Regulatory Organization of Canada (IIROC) - General News
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