09:12:42 EDT Thu 28 Mar 2024
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IIROC finds Tassone misled investigators

2017-03-10 20:38 ET - Street Wire

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by Mike Caswell

Delta investment adviser Alberto "Bob" Tassone has once again found himself on the wrong side of a regulatory ruling. The Investment Industry Regulatory Organization of Canada has determined that he misled investigators about his interest in an oil and gas investment. The regulator has not yet determined his penalty.

The findings are contained in a decision that IIROC released on Friday, March 10. They stem from an oil and gas entity that Mr. Tassone was involved with called JED Energy Ventures. The purpose of JED, as described by IIROC, was to hold oil and gas interests in the United States. Investors placed $497,000 (U.S.) with JED, with Mr. Tassone having very little to do with the money-raising efforts.

Mr. Tassone did, however, have a substantial personal interest in JED and on paper was listed as JED's president, according to IIROC. There was some question as to whether he should have disclosed his role. (In order to avoid potential conflicts of interest, advisers must tell their employer about their outside business dealings.) As it turned out, Mr. Tassone's role in running JED was minimal, but that did not prevent IIROC from investigating his role with JED.

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