August 8, 2022 (Moncton, New Brunswick) – Following a disciplinary hearing held on May 11 and 12, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Paul Maurice has engaged in discretionary trading in the joint account of two clients, without this account having been previously approved and accepted as a discretionary account. The Hearing Panel also found that Paul Maurice made misrepresentations to Enforcement Staff during the course of its investigation.
The Hearing Panel’s reasons for the decision on liability, dated July 29, 2022, is available at:
Re Maurice, 2022 IIROC 18
Specifically, the Hearing Panel found that Mr. Maurice committed the following violations:
- In January and February 2020, the Respondent engaged in discretionary trading in the joint account of two clients, without this account having been previously approved and accepted as a discretionary account, contrary to Dealer Member Rule 1300.4 and 1300.5.
- Between May and December 2020, the Respondent made misrepresentations to Enforcement Staff during the course of an investigation, contrary to Consolidated Rule 1400.
A separate hearing will be held to determine the penalty to be imposed on Mr. Maurice, the date of which will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into Mr. Maurice’s conduct in July 2020. The alleged violations occurred while he was a Registered Representative with the Moncton branch, in New-Brunswick, of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Maurice still employed with CIBC World Markets Inc.
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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.