The Ontario Securities Commission has dismissed an appeal from a former investment dealer rep regarding penalties imposed by a hearing panel of the Investment Industry Regulatory Organization (IIROC) in 2014.

Julian Ricci, a former registered representative with the Burlington branch of Macquarie Private Wealth Inc. (now Richardson GMP), was banned for two years and fined $200,000 after the IIROC hearing panel found that he inflated the net worth of several clients in order to allow them to use greater quantities of leverage than his firm’s suitability requirements would allow.

See: Former rep fined $200,000 for falsifying suitability information

Ricci sought to have the two-year suspension set aside for a shorter period of eight months. He did not seek to set aside the other sanctions imposed on him.

In a decision dated March 6, Christopher Portner, OSC commission, concluded “the [IIROC] panel did not overlook material evidence, proceed on an incorrect principle, err in law, or impose a suspension that was unfit an in excess of what the public interest requires.”

Ricci’s appeal was dismissed.