Decision Notice - CIRO Hearing Panel issues decision and reasons in the matter of Lorne Stuart Allison

VANCOUVER, BC, Dec. 9, 2024 /CNW/ - Following a disciplinary hearing held pursuant to the Mutual Fund Dealer Rules on October 17, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) has found that Lorne Stuart Allison engaged in securities related business that was not carried on for the account or through the facilities of the Dealer Member.

The hearing panel has imposed the following sanctions on Lorne Allison:

a)    a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer  Member of CIRO, and

b)    a fine of $70,000.

Lorne Allison is also required to pay costs in the amount of $10,000.

The hearing panel's decision and reasons dated November 26, 2024, is available at:

Re Allison 2024 CIRO 84

During the period described in the Notice of Hearing, Lorne Allison carried on business in the Vancouver Island, British Columbia area. Lorne Allison is not currently registered in the securities industry in any capacity.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

SOURCE Canadian Investment Regulatory Organization (CIRO)

Kate Morris, Senior Corporate Communications and Public Affairs Specialist, [email protected], Phone: [phone]