IIROC Sanctions Alfred Drose

TORONTO, Sept. 30, 2021 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalty on Alfred Drose:

(a)        a fine of $137,171, which includes disgorgement of $112,171;

(b)        a 24-month prohibition on approval of registration with IIROC in any capacity;

(c)        to rewrite the CPH examination prior to being registered with IIROC; and

(d)        a 12-month period of strict supervision upon any approval with IIROC.

Mr. Drose is also required to pay costs in the amount of $35,000.

The penalty decision dated September 17, 2021 can be found at:

Re Drose, 2021 IIROC 17

In an earlier decision dated July 6, 2021, the Hearing Panel found that Mr. Drose was liable for failing to know his client and excessive trading that was outside the bounds of good business practice.

The decision on Liability can be found at:

Re Drose, 2021 IIROC 14 

IIROC formally initiated the investigation into Mr. Drose's conduct in December 2019. The violations occurred while he was a Registered Representative with the Toronto branch of Chippingham Financial Group, formerly an IIROC-regulated firm. Mr. Drose is no longer a registrant with an IIROC-regulated firm. 

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: Charles Corlett, Vice President, Enforcement, 416-646-7253, [email protected]; Media Contact: Julia Mackenzie, Public Affairs Specialist, [email protected]

Related Links

www.iiroc.ca