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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has scheduled a hearing for Jayanth Noronha, a fired Raymond James Ltd. portfolio manager. IIROC says that he accepted $1.07-million in undisclosed compensation from public companies, mostly through his wife, while using discretionary client accounts to subscribe to private placements in those companies. The regulator describes his conduct as "unbecoming" and "detrimental to the public interest."

The allegations against Mr. Noronha are contained in a notice of hearing that IIROC released on Wednesday, Sept. 21. The notice identifies him as a portfolio manager who had approximately $55-million in assets under management. The majority of his accounts were discretionary and he was paid through a quarterly management fee.

The events at issue revolve around multiple financings in two companies that took place between January, 2011, and November, 2013. The companies raising the money were Mint Technology Corp. (now known as The Mint Corp.) and Voodoovox Inc. (now called UpSnap Inc.). The financings occurred while Mr. Noronha was employed at Raymond James and at his prior job, with Dundee Securities Ltd. In each instance, Mr. Noronha received undisclosed shares or cash compensation, according to IIROC.

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