The Investment Industry Regulatory Organization of Canada (IIROC) announced on Tuesday that a hearing panel accepted a settlement that expelled the now-defunct firm Union Securities Ltd. from IIROC membership on Dec. 14.

The self-regulatory organization formally initiated the investigation into Union in January 2016. The firm had been suspended since November 2013 but had remained an IIROC-regulated firm.

Union admitted that since October 2012 it had ceased to carry on business as a dealer and, since July 2013, had failed to maintain risk-adjusted capital above zero.

Vancouver-based PI Financial Corp. acquired the client accounts of Union, along with 60 investment advisors, in 2012.