Enforcement Notice - Decision- IIROC Sanctions Tiffany Sweeney

VANCOUVER, BC, Sept. 19, 2022 /CNW/ - On August 25, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Tiffany Sweeney.

Ms. Sweeney admitted that she failed to fulfill her gatekeeper responsibilities and communicated with her clients using unapproved third-party communication applications.

Specifically, Ms. Sweeney admitted to the following violations:

1. Between December 2017 and October 2018, Sweeney failed to fulfill her gatekeeper responsibilities contrary to IIROC Rule 1400; and
2. Between December 2017 and October 2018, Sweeney communicated with her clients using unapproved third-party communication applications, contrary to IIROC Rule 1400.

Pursuant to the Settlement Agreement, Ms. Sweeney agreed to the following penalty:

1. A fine in the amount of $50,000;
2. Disgorgement of $28,806 in commissions; and
3. A one-month suspension from registration in any capacity with IIROC that will start on September 1, 2022, and the last day will be September 30, 2022.

Ms. Sweeney also agreed to pay costs in the amount of $15,000.

The Settlement Agreement is available at: 

Sweeney, Tiffany – Settlement Agreement

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

IIROC formally initiated the investigation into Ms. Sweeney's conduct in April 2019. The conduct occurred while she was a Registered Representative with the Vancouver branch of PI Financial Corp., an IIROC-regulated firm and then while she was a Registered Representative at the Vancouver branch of Research Capital Corporation, an IIROC-regulated firm. Ms. Sweeney is still within the industry in a registered capacity at the Vancouver branch of Research Capital Corporation.

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]