A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has issued a 10-year suspension against a former Canaccord Capital Corp.

IIROC formally initiated the investigation into Alan Ferguson Hackett’s conduct on May 8, 2007.

The alleged violations occurred when Hackett was a registered rep with the 609 Granville Street, Vancouver branch of Canaccord.

Following a disciplinary hearing held in Vancouver in January, the panel found that between November 2002 and March 2007, Hackett engaged in personal financial dealings with three Canaccord clients by borrowing money from these clients without the knowledge or prior consent of the firm.

As penalty, the panel imposed on Hackett a 10-year suspension from approval with IIROC in any capacity.

In addition, prior to his re-admission to the industry, Hackett must rewrite and pass the examination based upon the Conduct and Practices Handbook for Securities Industry Professionals.

Upon his re-admission, Hackett would be subject to a three-year period of close supervision.

Hackett is no longer registered in any capacity with an IIROC-regulated firm.

The panel issued its decision and reasons on February 16, 2010.

IE