Enforcement Notice - Decision - IIROC Issues Permanent Ban to Former Vancouver Investment Advisor Mohammad Movassaghi for Client Forgeries and Misrepresentations to IIROC

VANCOUVER, BC, March 16, 2022 /CNW/ - Following a penalty hearing held on October 27, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalty on Mohammad Movassaghi:

(a)  Fine of $50,000 for the forgeries;vrit

(b)  Fine of $50,000 for misleading IIROC; and

(c)  Permanent ban on any registration with IIROC.

Mr. Movassaghi is also required to pay costs in the amount of $60,000.

The penalty decision can be found at:

Movassaghi, Mohammad, 2022 IIROC 02

In an earlier decision dated August 18, 2021, the Hearing Panel found that Mr. Movassaghi falisified client signatures on account documentation and misled IIROC enforcement staff in sworn interviews.  The decision on Liability can be found at:

Movassaghi, Mohammad, 2021 IIROC 16

IIROC formally initiated the investigation into Mr. Movassaghi's conduct in December 2017. The violations occurred while he was a Registered Representative with the Vancouver branch of Harbourfront Wealth Management Inc., an IIROC-regulated firm. Mr. Movassaghi is no longer a registrant with an IIROC regulated firm.

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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, visit www.iiroc.ca.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

please contact: Enforcement Contact, Richard Korble, Vice-President, Western Canada, 403-260-6278, [email protected]; Media Contact: Julia Mackenzie, Public Affairs Specialist, 416-786-1650, [email protected]