A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found a former iForum Securities Inc. registered representative guilty of 44 counts of misconduct and ordered him to pay $625,000 in fines and costs.

The violations occurred while Sarkis Sarkissian was a registered rep (mutual funds) at the Montreal branch of iForum Securities.

The panel grouped the 44 counts into six categories:

• failure to learn and remain informed of the essential facts relative to his clients;

• transactions not permitted under the terms of the approval granted by IIROC to him as a registered representative (mutual funds);

• failure to use due diligence when accepting instructions given by an agent;

• participation in a scheme;

• off-book transactions not recorded in the books of iForum; and

• failure to provide the information required by IIROC.

The panel issued its decision and reasons on Sept. 16, 2009. The penalties were imposed in a separate decision dated Jan. 19, 2010.

The panel imposed a permanent ban on approval of Sarkissian as a registered representative and ordered him to pay a total of $475,00 in fines.

In addition, Sarkissian was ordered to pay $150,000 in costs.

IIROC formally initiated the investigation into the conduct of Sarkissian in November 2005. He has not been employed with an IIROC-regulated firm since August 10, 2006.

IE