IIROC Sanctions Bardya Ziaian

22-0082
Type: Enforcement Notice> Decision

Contact:

Andrew P. Werbowski
Director, Enforcement Litigation
Telephone:
Email:
Julia Mackenzie
Public Affairs Specialist
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May 31, 2022 (Toronto, Ontario) – On May 20, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Bardya Ziaian.

Mr. Ziaian admitted that between August 2013 and December 2013, he failed to make bona fide offerings of new issues to public investors in circumstances where he ought to have known that the expressions of interest were not bona fide, contrary to Dealer Member Rule 29.3.

Pursuant to the Settlement Agreement, Mr. Ziaian agreed to the following penalty:

  1. payment of a fine of $150,000, inclusive of disgorgement; and
  2. prohibition of approval for the following supervisory positions for 18 months commencing on the date of acceptance of this Settlement Agreement: Ultimate Designated Person, Chief Compliance Officer, and Supervisor, as defined in IIROC Rules.

Mr. Ziaian also agreed to pay costs in the amount of $35,000.

The Settlement Agreement is available at:

Ziaian, Bardya – Settlement Agreement

The Hearing Panel’s decision will be made available at www.iiroc.ca.

IIROC formally initiated the investigation into Mr. Ziaian’s conduct in May 2015. The violations occurred while he was a Registered Representative at Toronto-based BBS Securities Inc., an IIROC-regulated firm. Mr. Ziaian is no longer a registrant with an IIROC-regulated firm.

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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.

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Other Notices associated with this Enforcement Proceeding: