A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has ruled that Peter Michael Deeb, president and CEO of Toronto-based Hampton Securities Inc., violated two IIROC dealer member rules.
The hearing found that Deeb failed to keep and maintain a proper set of books and records between Nov. 12, 2008 and Dec. 11, 2009. As well, in July 2011, Deeb refused to provide certain books and records requested by IIROC financial operations staff.
Two other allegations against Deeb — regarding trading so as to profit at the expense of his clients, and purchasing securities without sufficient cash in the relevant accounts — were dismissed during the hearing.
A penalty hearing has not yet been set.
Previous to the hearing, Deeb asked for a judicial review against IIROC, but in February 2012 the Ontario Divisional Court dismissed the application.
Court rejects bid to review IIROC enforcement
Deeb also sought to have the hearing panel announcement removed from IIROC’s website. However, an IIROC hearing dismissed the motion in March 2012.