Subjects: LAW, ATY
Hearing Notice - CIRO Sanctions Dominic Spooner
VANCOUVER, BC, Aug. 9, 2023 /CNW/ - Following a hearing held on January 31 and February 1, 2023 in Vancouver, British Columbia, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) found that Dominic Spooner accepted monies directly from the issuer, and not his Dealer Member, and proceeded with a private placement for individuals and entities that were not clients of his Dealer Member.
The hearing panel's decision, dated July 23, 2023, is available at:
Specifically, the hearing panel found that Mr. Spooner committed the following violations:
a) Between February and April 2018, Mr. Spooner accepted monies from a person other than his Dealer Member for the securities related activities conducted on behalf of the Dealer Member contrary to Dealer Member Rule 18.15; and
b) Between February and April 2018, Mr. Spooner proceeded with a private placement for individuals and entities that were not clients of his Dealer Member in contravention of the firm's policies and procedures and without the firm's knowledge and/or approval. To facilitate those transactions, Mr. Spooner signed the firm's Finder's Fee and Non-Circumvention Agreement, which he was not authorized to sign on behalf of the firm. This conduct was contrary to IIROC Rule 1400.
The hearing panel imposed the following sanctions on Mr. Spooner:
a) bar from registration with CIRO for two years;
b) a fine of $20,000 (taking into account the $30,000 paid to the firm);
c) disgorgement of commissions of $35,500;
d) successful completion of the Conduct and Practices Handbook course; and
e) a 12-month strict supervision upon registration with CIRO.
The hearing panel directed the parties to make submissions on costs, which will be determined separately.
All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
SOURCE Canadian Investment Regulatory Organization (CIRO)
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