Enforcement Notice - Decision - IIROC Sanctions Alberto Storelli

VANCOUVER, BC, Oct. 13, 2021 /CNW/ - Following a disciplinary hearing held on August 13, 2021, in Vancouver, BC, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Alberto Storelli was liable of compensating clients, providing an unauthorized account statement to clients, making misrepresentations to Enforcement Staff, and failing to cooperate with Enforcement Staff who were conducting an investigation.

Specifically, the Hearing Panel found that Storelli committed the following violations:

(a)        Between September 2014 and December 2017, Storelli, paid financial compensation to clients without the knowledge or approval of his Dealer Member, contrary to Dealer Member Rule 29.1 and Consolidated Rule 1400;

(b)        In or about June 2015, Storelli created and provided to clients an account statement that was not authorized by his Dealer Member, contrary to Dealer Member Rule 29.1;

(c)        Between January 2017 and January 2018, Storelli made misrepresentations to Enforcement Staff during the course of an investigation, contrary to Consolidated Rule 1400;

(d)        Between February 2018 and March 2018, Storelli failed to cooperate with Enforcement Staff who were conducting an investigation, contrary to section 8104 of the Consolidated Rules.

The Hearing Panel imposed the following penalty on Mr. Storelli:

(a)        $50,000 fine; and

(b)        4 year suspension for registration.

Mr. Storelli is also required to pay costs in the amount of $10,000.

IIROC formally initiated the investigation into Mr. Storelli's conduct in January 2017. The violations occurred while he was a Registered Representative with the Richmond, British Columbia branch of Global Maxfin Capital Inc., which at all material times was an IIROC-regulated firm. Mr. Storelli 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

Enforcement Contact: Richard Korble, Vice-President, Western Canada, 403-260-6278, [email protected]; Media Contact: Julia K. Mackenzie, Public Affairs Specialist, [email protected]

Related Links

www.iiroc.ca