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IIROC fines Elue $20,000 plus $2,500 costs

2014-07-28 13:46 ET - News Release

Ms. Elsa Renzella reports

ENFORCEMENT NOTICE - DECISION - IN THE MATTER OF AFAM ELUE - SETTLEMENT ACCEPTED

On July 15, 2014, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement, with sanctions, between IIROC staff and Afam Elue.

Mr. Elue admits to the following contraventions of IIROC dealer member rules, guidelines, regulations or policies:

  • Count 1: From or about December, 2011, to September, 2012, Mr. Elue engaged in business conduct unbecoming of a registrant or detrimental to the public interest in that he altered and reused client account-related documents and thereby made misrepresentations to his dealer member firm, contrary to rule 29.1.
  • Count 2: From or about July, 2012, to August, 2012, Mr. Elue effected trades in the account of a client based on the instructions of a third party without a duly executed trading authorization, contrary to rule 200.1(i)(3).

Staff and Mr. Elue agreed to the following terms of settlement:

  1. A global fine of $20,000;
  2. In the event of reregistration, Mr. Elue will be subject to strict supervision for six months and will be required to rewrite the Conduct and Practices Handbook exam.

Mr. Elue agrees to pay costs to IIROC in the sum of $2,500.

The settlement agreement is available at the IIROC website and the hearing panel's decision dated July 15, 2014, will be made available at the IIROC website.

Documents related to continuing IIROC enforcement proceedings, including reasons and decisions of hearing panels, are posted on the IIROC website as they become available.

IIROC formally initiated the investigation into Mr. Elue's conduct in August, 2012. The violations occurred when he was a registered representative with the Toronto branch of Edward Jones, an IIROC-regulated firm. Mr. Elue is no longer a registrant with an IIROC-regulated firm.

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