Enforcement Notice - IN THE MATTER OF Alexey Eydelman and Questrade Inc. -
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
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
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
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
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
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.
Elsa Renzella Acting VP, Enforcement 416.943.5877 firstname.lastname@example.org
Karen Archer Senior Media and Public Affairs Specialist 416 865-3046
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) -
To view this news release in HTML formatting, please use the following URL:
CO: Investment Industry Regulatory Organization of Canada (IIROC) - General
-0- May/24/2013 17:08 GMT
Press spacebar to pause and continue. Press esc to stop.