IIROC Begins Disciplinary Action Against Toronto Investment Advisor Darren Maurice Sampson

TORONTO, Feb. 27, 2020 /CNW/ - An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) for the purpose of setting a date for the disciplinary hearing in the matter of Darren Maurice Sampson.

The hearing concerns an allegation that Mr. Sampson failed to ensure the suitability of a high-risk, speculative security purchased and held in his clients' accounts.

Specifically, the allegation against Mr. Sampson is:

(a)  Between April 2011 and October 2015, he failed to use due diligence to ensure that orders accepted and recommendations made were suitable for clients and within the bounds of good business practice, contrary to IIROC Dealer Member Rules 1300.1(a), (o), (p), (q) and (s).

IIROC formally initiated the investigation into Mr. Sampson's conduct in December 2016. The alleged violations occurred while he was a Registered Representative with the Toronto branch of Gravitas Securities Inc., an IIROC-regulated firm. Mr. Sampson is no longer a registrant with an IIROC-regulated firm.

In January 2020, IIROC fined Gravitas Securities Inc. for failing to ensure that the acceptance of orders for Creative Wealth Monthly Pay Trust were either within the bounds of good business practice or suitable for certain clients. The related Enforcement Notice is available at:
IIROC Enforcement Notice 20-0014 - Gravitas Securities Inc.

The set date appearance is open to the public, unless the Hearing Panel orders otherwise. The date for the discipline hearing will be made available at www.iiroc.ca.

Set Date Appearance:  April 13, 2020 at 11:00 a.m.

Location:  IIROC – 121 King Street West, Suite 2000, Toronto, Ontario

The Notice of Hearing and Statement of Allegations which sets out the allegations is available at:

http://www.iiroc.ca/documents/2020/c2180926-b045-430c-abc5-fdc94416ebaf_en.pdf

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

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 more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

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.

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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News