Enforcement Notice - IN THE MATTER OF Alexey Eydelman and Questrade Inc. - Settlement Accepted

Enforcement Notice - IN THE MATTER OF Alexey Eydelman and Questrade Inc. - 
Settlement Accepted 
TORONTO, May 24, 2013 /CNW/ - On April 22, 2013, a Hearing Panel of the 
Investment Industry Regulatory Organization of Canada (IIROC), accepted a 
Settlement Agreement, with sanctions, between IIROC staff, Alexey Eydelman and 
Questrade Inc. 
Mr. Eydelman admitted to the following violation: 


          
    (i)   Between August 2009 and February 20I0, Mr. Eydelman entered
         orders on the Toronto Stock Exchange that he ought reasonably
         to have known could reasonably be expected to create an
         artificial bid price for Quebecor Inc. Class A securities
         ("QBR.A") contrary to UMIR 2.2 and UMIR Policy 2.2.
          

Questrade Inc. admitted to the following violation:
          
    (i)  From August 2009 until February 2010, Questrade Inc. failed to
         have adequate policies and procedures in place and a
         supervision system sufficient to prevent and detect potential
         artificial bid prices, contrary to UMIR 7 .I and UMIR Policy 7
         .I.

Pursuant to the Settlement Agreement, Mr. Eydelman and Questrade Inc.
agreed to the following penalties:
    (a)   For Mr. Eydelman:
     (i)    A three month suspension from access to an IIROC-regulated
           marketplace, to commence 30 days from the date of approval
           of this Settlement Agreement;
     (ii)  A fine of $30,000; and
     (iii)  Costs in the amount of $5,000.
    (b)  For Questrade Inc.:
     (i)   A fine of $70,000; and
     (ii)  Costs in the amount of $10,000.

The Settlement Agreement and the Hearing Panel's decision will be made 
available at www.iiroc.ca.

Documents related to ongoing IIROC enforcement proceedings - including Reasons 
and Decisions of Hearing Panels - are posted on the IIROC website as they 
become available. Click here to search and access all IIROC enforcement 
documents.

IIROC formally initiated the investigation into the Mr. Eydelman and 
Questrade's conduct in November 2010. The conduct occurred when Mr. Eydelman 
was a registered trader with Questrade Inc., an IIROC-regulated firm. Mr. 
Eydelman is currently employed by Questrade in that capacity.

* * *

IIROC is the national self-regulatory organization which oversees all 
investment dealers and trading activity on debt and equity marketplaces in 
Canada. Created in 2008 through the consolidation of the Investment Dealers 
Association of Canada and Market Regulation Services Inc., IIROC sets high 
quality regulatory and investment industry standards, protects investors and 
strengthens market integrity while maintaining efficient and competitive 
capital markets.

IIROC carries out its regulatory responsibilities through setting and 
enforcing rules regarding the proficiency, business and financial conduct of 
dealer firms and their registered employees and through setting and enforcing 
market integrity rules regarding trading activity on Canadian equity 
marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual 
registrants. It can bring disciplinary proceedings which may result in 
penalties including fines, suspensions, permanent bars, expulsion from 
membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former 
member firms is available in the Enforcement section of the IIROC website. 
Background information regarding the qualifications and disciplinary history, 
if any, of advisors currently employed by IIROC-regulated firms is available 
free of charge through the IIROC AdvisorReport service. Information on how to 
make investment dealer, advisor or marketplace-related complaints is available 
by calling 1.877.442.4322.

Enforcement Contact:

Elsa Renzella Acting VP, Enforcement 416.943.5877 erenzella@iiroc.ca

Media Contact:

Karen Archer Senior Media and Public Affairs Specialist 416 865-3046 
karcher@iiroc.ca

SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - 
General News

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CO: Investment Industry Regulatory Organization of Canada (IIROC) - General 
News
ST: Ontario
NI: FIN 

-0- May/24/2013 17:08 GMT