A CIRO Hearing Panel issues decision and reasons in the matter of Patricia Sonne

TORONTO, Dec. 11, 2023 /CNW/ - Following a disciplinary hearing held on March 9-10 and May 18, 2023, in Toronto, Ontario, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Patricia Sonne obtained, possessed, and used to process transactions pre-signed account forms.

The hearing panel's decision dated December 4, 2023 is available at:

Re Sonne, Patricia 2023 CIRO 33

Specifically, the hearing panel found that the respondent committed the following violation:

a)  Between October 13, 2015 and September 24, 2019, the Respondent obtained, possessed, and in some instances used to process transactions, 31 pre-signed forms in respect of 7 clients, contrary to MFDA Rule 2.1.1.

The hearing panel imposed the following sanctions on the respondent:

a)  fine of $2,500; and

b)  prohibition on the authority of the Respondent to conduct securities related business in any capacity for a period of two years.

Patricia Sonne is also required to pay costs in the amount of $5,000.

The violations occurred while Patricia Sonne was a Registered Dealing Representative with Quadrus Investment Services Ltd. in Belle River, Ontario. Patrica Sonne is no longer a registrant with a CIRO-regulated firm.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms 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)