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Classified in: Business
Subject: LAW

Enforcement Notice - Decision - IIROC Hearing Panel Finds Former Vancouver Investment Advisor Mohammad Movassaghi Liable

VANCOUVER, BC, Sept. 16, 2021 /CNW/ - Following a disciplinary hearing, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found Mohammad Movassaghi liable for Contraventions 1 and 2 in the Statement of Allegations. IIROC did not pursue Contravention 3.

Specifically, the Hearing Panel found that Mr. Movassaghi committed the following violations:

(a)   Between July and September 2016, Mr. Movassaghi falsified client signatures on account documentation, or knew or ought to have known that certain of his clients' documents were falsified, or failed to exercise due diligence to ensure that certain clients' documents were not falsified, contrary to Dealer Member Rule 29.1 and Consolidated Rule 1400 (for conduct after September 1, 2016);

(b)   On December 14, 2016, and February 13, 2019, Mr. Movassaghi misled the Enforcement staff in sworn interviews and thereby acted contrary to Consolidated Rule 1400.

The Hearing Panel's reasons for the decision on liability, dated August 18, 2021, is available at:

Re Movassaghi, 2021 IIROC 16

A separate hearing will be held to determine the penalty to be imposed on Mr. Movassaghi, the date of which will be made available at www.iiroc.ca

IIROC formally initiated the investigation into Mr. Movassaghi's conduct in December 2017. The violations occurred while he was a Registered Representative with the Vancouver branch of Harbourfront Wealth Management Inc., an IIROC-regulated firm. Mr. Movassaghi 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

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