Enforcement Notice - Decision - IIROC Sanctions Shayne Ian Frederick Nyquvest

VANCOUVER, BC, Jan. 5, 2022 /CNW/ - On December 16, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Shayne Ian Frederick Nyquvest.

Mr. Nyquvest admitted that he engaged in personal financial dealings, facilitated off-book investments without the knowledge or consent of his firm, and engaged in outside business activities, without the knowledge or approval of his firm.

Specifically, Mr. Nyquvest admitted to the following violations:

1. Between September 2016 and August 2017, Mr. Nyquvest engaged in personal financial dealings contrary to Dealer Member Rule 43;
2. Between December 2016 and April 2017, Mr. Nyquvest facilitated off-book investments without the knowledge or consent of his firm, contrary to Consolidated Rule 1400; and
3. In or around June 2016 and September 2017, Mr. Nyquvest engaged in outside business activities without the knowledge or approval of his firm, contrary to Dealer Member Rule 18.14.

Pursuant to the Settlement Agreement, Mr. Nyquvest agreed to the following penalty:

1. A fine in the amount of $34,000;
2. A suspension from registration in any capacity for six months;
3. Close supervision for 12 months; and
4. Successful rewrite of the Conduct and Practices Handbook examination upon return.

Mr. Nyquvest also agreed to pay costs in the amount of $5,000.

The Settlement Agreement is available at:

Nyquvest, Shayne – Settlement Agreement

The Hearing Panel's decision will be made available at www.iiroc.ca.

IIROC formally initiated the investigation into Mr. Nyquvest's conduct in December 2018. The conduct occurred while he was a Registered Representative with the Vancouver branch of Mackie Research Capital Corporation (now Research Capital Corporation), an IIROC-regulated firm. Mr. Nyquvest 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 Mackenzie, Public Affairs Specialist, 416-786-1650, [email protected]

Related Links

www.iiroc.ca