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by Mike Caswell

The Canadian Investment Regulatory Organization has imposed a three-month suspension and $122,372 in financial sanctions on Ventum Financial Corp.'s Randy Hildebrandt after he was "grossly negligent" in failing to question suspect trades on the Canadian Securities Exchange. In particular, his clients entered trades that boosted CSE listing JDF Explorations Inc. by 525 per cent amidst heavy trading, CIRO says. The same clients unloaded $1.2-million worth of stock, according to CIRO.

The penalties for Mr. Hildebrandt are contained in a decision that CIRO released on Monday, Dec. 15. The regulator has barred him from working in a registered capacity for three months and has ordered that he be subject to 12 months of strict supervision on his return. The $122,372 includes a $60,000 fine, disgorgement of $12,372 and $50,000 in CIRO's costs.

CIRO enforcement staff had sought a one-year suspension for Mr. Hildebrandt, contending that his conduct was a "serious contravention that harms the integrity and credibility of the marketplace." It included entering multiple orders on both sides of the market within seconds of each other and executing hundreds of suspect trades, they said. His actions were intentional, willful or reckless, staff said.

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