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.
- 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.
||LR, PR, 9/14/2020
||Compliance; Financial; Legal; Trading
|Reg. Last Update
||AML & Enforcement
Last substantive update on 09/15/2020