C-IIROC Speculative Securities Trades

On Sep. 14, C-IIROC issued action against former IA for risky trading.

  • IIROC began action against former IA Alfred Drose for accepting orders and trading speculative securities without complying with KYC obligations to a vulnerable client.
  • The alleged violations occurred while he was an IA with Chippingham Financial Group.
  • Allegations
  • He traded excessively and made a false statement on an account-opening document. which was contrary to dealer member rules 1300.1 (o), 1300.1(q), and 1300.1(s).
  • He failed to learn and remain informed regarding essential facts relative to his client.
  • Drose made a false statement on a document, contrary to consolidated rule 1400.
  • Court Appearance
  • The set date appearance is open to the public, unless the Panel orders otherwise.
  • The hearing will be held by way of video-conference on Sep. 29, 2020 at 10:00am.

Regulators C-IIROC
Entity Types IA
Reference LR, PR, 9/14/2020
Functions Compliance; Financial; Legal; Trading
Countries Canada
Products Securities
Regions Am
Rule Type Enforcement
Rule Date 9/14/2020
Effective Date 9/29/2020
Rule Id 86072
Linked to N/A
Reg. Last Update 9/14/2020
Report Section AML & Enforcement

Last substantive update on 09/15/2020