IIROC fines Connacher half a million

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a penalty against David Bruce Connacher that includes a $500,000 fine, a lifetime prohibition from seeking re-registration with an IIROC-regulated firm, and $71,315.50 in costs.

The penalty follows the panel’s earlier decision, dated April 20, 2011which found that Connacher had violated IIROC Rule 29.1 when he:

• Intentionally and through deceptive means, improperly traded in his firm’s inventory account, contrary to the account’s purpose and without any instructions from clients; and
• Engaged in personal financial dealings with two of his clients without the knowledge or consent of his employer.

IIROC formally initiated the investigation into Connacher’s conduct in November 2008. The violations occurred when Connacher was the Head Trader and a Registered Representative with Evergreen Capital Partners Inc. in Toronto. Connacher is no longer a registrant with an IIROC-regulated firm.

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