INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA IN THE MATTER OF: THE DEALER MEMBER RULES OF THE NOTICE OF HEARING
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1 INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA IN THE MATTER OF: THE DEALER MEMBER RULES OF THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA AND NICOLA CAROLYN MORE NOTICE OF HEARING TAKE NOTICE that pursuant to Part 10 of Dealer Member Rule 20 and Section 1.9 of Schedule C.1 to Transition Rule No.1 of the Investment Industry Regulatory Organization Canada ( IIROC ), a hearing will be held before an IIROC hearing panel (the Hearing Panel ) on April 22, 2014, at Morris J. Wosk Centre, 580 West Hastings St, Vancouver, BC, at 10:00am, or as soon thereafter as this matter can be heard. TAKE FURTHER NOTICE that, pursuant to Rule 6.2 of the IIROC Dealer Member Rules of Practice and Procedure ( Rules of Practice and Procedure ), the hearing shall be designated on the: Standard Track Complex Track THE PURPOSE OF THE HEARING is to determine whether Nicola Carolyn More ( More or the Respondent ) has committed the following contraventions alleged by staff of IIROC ( Staff ): i. From September 2008 to February 2009, the Respondent accepted trading instructions in respect of certain client accounts from a person not authorized in writing to provide such instructions for those accounts, contrary to IIROC Dealer Member Rule 200.1(i)(3); and ii. From September 2008 to May 2010, the Respondent disclosed client information to individuals not authorized to receive it, contrary to IIROC Dealer Member Rule 29.1 PARTICULARS TAKE FURTHER NOTICE that the following is a summary of the facts alleged and to be relied upon by Staff at the hearing:
2 - 2 - A. Overview 1. Over the course of 19 months, More accepted trading instructions from an individual without any written authorization from the clients or her firm to do so. 2. More also disclosed confidential client information relating primarily to the number of shares held by her clients in an Over-the-Counter Bulletin Board ( OTC BB ) stock to two individuals who were not authorized to receive it. One of those individuals was a promoter and had a serious regulatory history. B. Registration History 3. More was first registered with the IDA in 1996 and became a registrant of IIROC on June 1, Her registration history is as follows: Date Dealer Member Registration Category February 2012 November 2013 November 2002 February 2012 May 1994 November 2002 Jordan Capital Markets Inc. Canaccord Genuity Corp. Pacific International Securities Inc. Registered Representative ( RR ) RR Investment Advisor 4. The conduct at issue took place while More was employed with Canaccord Genuity Corp. ( Canaccord ). More is not currently employed with an IIROC member firm. C. Background 5. Between 2002 and 2008, More was an RR and worked as an assistant to her brother JM, who was also an RR at Canaccord. 6. In August 2008, JM left Canaccord and was no longer registered as an RR effective that date. More became the RR responsible for JM s client accounts. JM is no longer employed with an IIROC member firm. Mainland Resources 7. Mainland Resources Inc. ( MNLU ) is an oil and gas exploration company incorporated in Nevada. MNLU is quoted on the OTC BB. 8. Between March 2008 and September 2008 MNLU shares rose in price from $2.00 to $6.70. From September 2008 to June 2011 the share price steadily dropped to $0.17.
3 In December 2009, JM became a Director of Mainland and remained a Director until March 3, Unauthorized Trades and Disclosures of Confidential Client Information 10. During the material time, More accepted and executed trade instructions from JM for various client accounts. At the time the instructions were received: (i) (ii) (iii) (iv) JM was no longer an IIROC registrant; JM did not have trading authority over the client account(s); There was no written authorization from the clients to accept trading instructions from JM; and There was no authorization from Canaccord to accept trading instructions from JM. 11. During the material time, More also disclosed confidential client information to JM both in person and via . During the same period More also disclosed confidential client information to an individual, BP, via and text message. The majority of the confidential client information disclosed related to MNLU. 12. There was no written agreement from the clients allowing for this disclosure of their information to either JM or BP. 13. In June 1993, BP was the subject of a British Columbia Securities Commission ( BCSC ) Order which, among other things, prohibited him from becoming an officer or director of any reporting issuer for a period of 15 years. 14. In July 2008, the U.S. Securities and Exchange Commission ( SEC ) instituted proceedings against BP alleging that he had conducted a massive spam and newsletter campaign to promote a stock, which more than doubled the stock price and allowed BP to net millions of dollars when he sold his shares to the public. 15. In June 2009, on the determination of those proceedings, the SEC ordered BP to cease and desist from violations of certain sections of the Securities Act and Securities Exchange Act and disgorge ill-gotten gains of over $2 million. The SEC decision described BP s conduct as egregious and recurrent. 16. The SEC decision also makes reference to the fact that BP was the subject of a federal criminal investigation involving another company. 17. More was aware that BP had been banned by the BCSC. She was also aware that BP was or had been the subject of investigation by US securities regulators.
4 September 18. In September 2008, More and JM exchanged text messages which included references to BP and MNLU. Also, in at least two messages, More and JM make reference to consulting or advising BP about the sale of MNLU shares: More: I know but BP no selling More: I can sell some MNLU if he wants just wanna run it by BP first 19. Also in September 2008, More was disclosing confidential client information to JM, including client account debits and security positions. 20. In that same month, More accepted trade instructions from JM for two sell transactions for two separate client accounts. For the first transaction, JM instructed More to sell anything other than MNLU in a client s account. For the second transaction, JM instructed her to buy shares of MNLU. October 21. In October 2008, More ed JM confidential client information regarding debits in client accounts. In addition, More advised JM: All mainland positions they are threatening selling out tomorrow. 22. More and JM also exchanged text messages about the status of a client s account, and discussed that client s holdings in Mainland: JM: how much mnlu do they have NM: JM: I can t handle that amount NM: OH I know that! I m just giving you the heads up. JM: NO ONE sells JM: if they did want to sell then we would have pulled all bids and it would be In that same month, More accepted trade instructions from JM for two purchases of MNLU in a client s account.
5 - 5 - November 24. In November 2008, More accepted and executed trade instructions from JM for two purchases of MNLU in a client s account. December 25. In December 2008, More and JM exchanged text messages which included references to BP: NM: is there anything I can do or say to BP? JM: no there isn t but thank you ** it is a kay issue and nothing more he is more than happy with mnlu now NM: he questions your loyalty but in the end you have had the MAJORITY of the stock you placed held for an ADDITIONAL 4 months ** NM: does BP still think you are selling? if BP doesn t call me back I will be selling some tomorrow 26. Also in December 2008, More disclosed to JM the amount of a debit in two client accounts. 27. In that same month, More accepted trade instructions from JM for a sale of MNLU in a client s account February 28. In February 2009, More and JM exchanged text messages which included references to BP and MNLU. 29. In one of those messages, More tells JM about another Canaccord broker s bids on MNLU. 30. On February 4, 2009, More s JM and discloses the total of her client holdings in MNLU that are marginable. 31. In that same month, More accepts trade instructions from JM for a purchase and sale of MNLU in a client s account, and also to pull an order on a client account.
6 In 2010, More disclosed confidential client information relating to MNLU to both JM and BP. March 33. In March 2010, More ed BP and advised him that she had no orders outstanding on MNLU. May 34. On May 3, 2010, More ed JM an MNLU Position Report which showed all of her clients accounts which held MNLU. The Position Report included the following confidential client information: a) Client names; b) Client account numbers; c) Client telephone numbers; d) Number of shares held in MNLU; and e) Average cost of the MNLU shares held. 35. On May 13, 2010, More again ed an MNLU Position Report to JM containing confidential client information. 36. Between May 14 and May 19, 2010, BP made requests of a Canaccord client and another Canaccord RR who both held MNLU to send position statements to him showing their MNLU holdings. BP appeared to be concerned about Canaccord clients selling MNLU. 37. On May 27, 2010, More ed BP an MNLU Position Report, containing confidential client information, which showed all of her client accounts which held MNLU. GENERAL PROCEDURAL MATTERS TAKE FURTHER NOTICE that the hearing and related proceedings shall be subject to the Rules of Practice and Procedure. TAKE FURTHER NOTICE that pursuant to Rule 13.1 of the Rules of Practice and Procedure, the Respondent is entitled to attend and be heard, be represented by counsel or an agent, call, examine and cross-examine witnesses, and make submissions to the Hearing Panel at the hearing. RESPONSE TO NOTICE OF HEARING TAKE FURTHER NOTICE that the Respondent must serve upon Staff a Response to the Notice of Hearing in accordance with Rule 7 of the Rules of Practice and Procedure within twenty (20) days (for a Standard Track disciplinary proceeding) or within thirty (30) days (for a Complex Track disciplinary
7 - 7 - proceeding) from the effective date of service of the Notice of Hearing. FAILURE TO RESPOND OR ATTEND HEARING TAKE FURTHER NOTICE that if the Respondent fails to serve a Response or attend the hearing, the Hearing Panel may, pursuant to Rules 7.2 and 13.5 of the Rules of Practice and Procedure: (a) proceed with the hearing as set out in the Notice of Hearing, without further notice to the Respondent; (b) accept as proven the facts and contraventions alleged by Staff in the Notice of Hearing; and (c) order penalties and costs against the Respondent pursuant to IIROC Dealer Member Rules 20.33, and PENALTIES & COSTS TAKE FURTHER NOTICE that if the Hearing Panel concludes that the Respondent did commit any or all of the contraventions alleged by Staff in the Notice of Hearing, the Hearing Panel may, pursuant to IIROC Dealer Member Rules and 20.34, impose any one or more of the following penalties: Where the Respondent is/was an Approved Person: (a) (b) (c) (d) (e) (f) (g) (h) (i) a reprimand; a fine not exceeding the greater of: (i) $1,000,000 per contravention; and (ii) an amount equal to three times the profit made or loss avoided by such Approved Person by reason of the contravention. suspension of approval for any period of time and upon any conditions or terms; terms and conditions of continued approval; prohibition of approval in any capacity for any period of time; termination of the rights and privileges of approval; revocation of approval; a permanent bar from approval with IIROC; or any other fit remedy or penalty. Where the Respondent is/was a Member firm: (a) (b) (c) (d) (e) (f) a reprimand; a fine not exceeding the greater of: (i) $5,000,000 per contravention; and (ii) an amount equal to three times the profit made or loss avoided by the Member by reason of the contravention; suspension of the rights and privileges of the Member (and such suspension may include a direction to the Member to cease dealing with the public) for any period of time and upon any conditions or terms; terms and conditions of continued Membership; termination of the rights and privileges of Membership; expulsion of the Member from membership in IIROC; or
8 - 8 - (g) any other fit remedy or penalty. TAKE FURTHER NOTICE that if the Hearing Panel concludes that the Respondent did commit any or all of the contraventions alleged by the Staff in the Notice of Hearing, the Hearing Panel may pursuant to IIROC Dealer Member Rules assess and order any investigation and prosecution costs determined to be appropriate and reasonable in the circumstances. DATED at Vancouver, this 12 day of November, WARREN FUNT VICE-PRESIDENT, WESTERN CANADA INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA Suite Royal Centre 1055 West Georgia Street Vancouver, B.C.
TAKE FURTHER NOTICE that pursuant to Rule 6.2 of the Dealer Member Rules of Practice and Procedure, that the hearing shall be designated on the:
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