Subject: LAW
Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Shawn Michael Obradovic Mollons
WINNIPEG, MB, Feb. 13, 2024 /CNW/ - Following a settlement hearing under the Mutual Fund Dealer Rules held on September 11, 2023, in Winnipeg, Manitoba, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Shawn Michael Obradovic Mollons signed the signatures or initials of five clients on six account forms and submitted them to the Dealer Member for processing.
The hearing panel issued its reasons for decision on January 19, 2024, which are available at:
In its reasons for decision, the hearing panel confirmed the sanctions imposed on Shawn Mollons. In particular:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO registered as a mutual fund dealer for a period of two months; and
- a fine of $13,000
Shawn Mollons is also required to pay costs in the amount of $2,500.
During the period described in the Settlement Agreement, Shawn Mollons carried on business in the Winnipeg, Manitoba area.
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 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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