Enforcement Notice - Decision - IN THE MATTER OF Alistair Malcolm Melville - Settlement Accepted
TORONTO, Nov. 6, 2014 /CNW/ - On October 23rd a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Alistair Malcolm Melville.
Mr. Melville admitted that he misappropriated client funds and provided false account statements to some clients.
Specifically, Mr. Melville admitted that between April 2009 and December 2012, he:
(a) |
Misappropriated client funds; and |
(b) |
Provided false account statements to some of his clients, thereby engaging in conduct unbecoming or detrimental to the public interest, contrary to IIROC Dealer Member Rule 29.1. |
Pursuant to the Settlement Agreement, Mr. Melville agreed to the following penalties: |
|
(a) |
A permanent ban on registration with IIROC in any capacity; and |
(b) |
Payment of a fine in the amount of $400,000. |
Mr. Melville also agreed to pay costs in the amount of $10,000.
The Settlement Agreement is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=5E69E60F19BF4D6CB643D340BE0AACD7&Language=en.
The Hearing Panel's decision is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=292758E204CE4E4CB9CE93AB20D0E956&Language=en.
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 formally initiated the investigation into Mr. Melville's conduct in September 2012. The violation occurred while he was a Registered Representative with the Hamilton branch of Assante Capital Management Ltd., an IIROC-regulated firm. Mr. Melville is no longer a registrant with an IIROC-regulated firm.
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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive 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 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
Enforcement Contact: Elsa Renzella, Vice President, Enforcement, 416 943-5877, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]
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