Decision Notice - CIRO Sanctions Juan Carlos Saavedra
CALGARY, AB, Dec. 2, 2024 /CNW/ - A penalty hearing in the matter of Juan Carlos Saavedra was held on September 25, 2024. After receiving an Agreed Statement of Facts and hearing submissions from the Parties, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Juan Carlos Saavedra misappropriated or otherwise failed to account for client monies and failed to cooperate with an investigation by the MFDA into his conduct. The hearing panel imposed the following sanctions:
a) a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO, and
b) a fine of $100,000
Juan Saavedra is also required to pay costs in the amount of $5,000.
The sanctions decision can be found at:
At all material times, Juan Carlos Saavedra conducted business in the Calgary, Alberta area. He 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: 416-779-8301
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