IN THE MATTER OF Ilya Soliterman - Settlement Accepted

CALGARY, Feb. 22, 2012 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Ilya Soliterman.

Mr. Soliterman admitted that he failed in his "know your client" obligations, and failed to use due diligence to ensure that the acceptance of orders from two clients was suitable for them.

Specifically, Mr. Soliterman admitted to the following violations:

a)	From May, 2005 to October, 2008, while a Registered Representative at CIBC World Markets Inc., he:
	i)	failed to use due diligence to learn and remain informed of the essential facts relative to every customer and to every order or account accepted, contrary to IIROC Rule 1300.1(a);
	ii)	failed to use due diligence to ensure that the acceptance of any order from a customer is suitable for such customer, contrary to IIROC Rule 1300.1(p).
b)	From January, 2004 to October, 2008, while a Registered Representative at CIBC World Markets Inc., he:
	i)	failed to use due diligence to learn and remain informed of the essential facts relative to every customer and to every order or account accepted, contrary to IIROC Rule 1300.1(a);
	ii)	failed to use due diligence to ensure that the acceptance of any order from a customer is suitable for such customer, contrary to IIROC Rule 1300.1(p).

Pursuant to the Settlement Agreement, Mr. Soliterman agreed to pay a fine to IIROC in the amount of $55,000.00.

Mr. Soliterman also agreed to pay costs in the amount of $5,000.00.

The Settlement Agreement and the Hearing Panel's decision will be made available at www.iiroc.ca. 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.

IIROC formally initiated the investigation into Mr. Soliterman's conduct in November 2009.  The violations occurred when he was a Registered Representative with the Calgary branch of CIBC World Markets Inc., an IIROC-regulated firm.  Mr. Soliterman is currently registered in the same capacity with the same firm.

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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services

Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian 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.

 

Enforcement Contact:
Warren Funt
Vice President, Western Canada
604 331-4750
[email protected] 

Media Contact:
David Thomas
Director, Public Affairs
416 943-6921
[email protected]