Enforcement Notice - Decision - IIROC Sanctions Vancouver Investment Advisor Dwight Cameron Mann

VANCOUVER, BC, Sept. 30, 2020 /CNW/ - Following a penalty hearing held on July 6 -7, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following sanctions on Dwight Cameron Mann:

a)      A fine in the amount of $250,000

b)      A compliance audit of Mann and the Mann team shall be conducted by an independent compliance auditor, subject to certain terms and conditions, for the period of July 1, 2020 to June 30, 2021.

Mr. Mann is also required to pay costs in the amount of $50,000.

The Order is effective September 21, 2020. The penalty decision will be available at www.iiroc.ca. In an earlier decision dated February 25, 2020, the Hearing Panel found that Mr. Mann engaged in misleading conduct in certain clients' accounts. The Panel also found that he made an unjustified promise of specific results and failed to report a client's complaint.

A copy of the Sanction Order can be found at:
http://www.iiroc.ca/documents/2020/28aff63b-48f4-402d-9f17-b9f78058ecdc_en.pdf

The decision on Liability can be found at:
http://www.iiroc.ca/documents/2020/57596579-c509-44fd-9284-b4aa37bf21bb_en.pdf

IIROC formally initiated the investigation into Mr. Mann's conduct in May 2018. The alleged violations occurred while he was a Portfolio Manager and a Registered Representative with a Vancouver branch of National Bank Financial Ltd., an IIROC-regulated firm. Mr. Mann is currently a Portfolio Manager and a Registered Representative at the Vancouver branch of Canaccord Genuity Corp., an IIROC regulated firm.

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 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 175 Canadian investment dealer firms and their nearly 30,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and 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: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

Related Links

www.iiroc.ca