Enforcement Notice - IN THE MATTER OF James Dale Lambert- Discipline Hearing

CALGARY, March 6, 2013 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of James Dale Lambert. The hearing concerns allegations that Mr. Lambert failed to use due diligence to learn the essential facts relative to investments in a financial product he recommended to clients, and failed to ensure they were suitable for clients.

The hearing is open to the public, unless the panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca.

Hearing Date:	March 18 and 19, 2013 at 10:00 a.m.
Location:	Delta Bessborough 601 Spadina Crescent Saskatoon, Saskatchewan Room:  Kelsey

Specifically, the allegations are that Mr. Lambert:

a.     Failed to use due diligence to learn and remain informed of the essential facts relative to every order accepted, contrary to IIROC Dealer Member Rule 1300.1(a) [IDA Regulation 1300.1(a) prior to June 1, 2008];

b.     Failed to use due diligence to ensure that recommendations were suitable for his clients, contrary to IIROC Dealer Member Rule 1300.1(q) [IDA Regulation 1300.1(q) prior to June 1, 2008].

IIROC formally initiated the investigation into Mr. Lambert's conduct in May 2011. The alleged violations occurred when he was a Registered Representative with the Saskatoon branch of Edward Jones, an IIROC-regulated firm.  Mr. Lambert is no longer a registrant with an IIROC-regulated firm.

The Notice of Hearing which sets out the allegations is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=BC73A9E9B8BF4E9895AA85AD7106C2F0&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.

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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:
Warren Funt
Vice President, Western Canada
604 331-4750
[email protected] 

Media Contact:
Charlene Fong
Public Affairs Specialist
416 943-5846
[email protected]