A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found an Alberta man that acted in the role of an advisor without being registered as one.

A separate hearing will be scheduled to determine the penalty to be imposed on Dale Richard Wells.

Specifically, the IIROC panel found that Wells violated IIROC rules by supplying a financial services company with his own computer-generated research that recommended buy and sell opportunities related to mutual funds in return for a fee, and that this information was used regularly by that firm to make trades in an investment fund. In doing so, Wells acted as an advisor within the meaning of the Alberta Securities Act without being registered as such.

In its decision, the panel reviewed the requirements to be registered as an advisor under Alberta Securities law, and concluded “the evidence clearly established that Wells held none of these qualifications.”

IIROC began the investigation into Wells’ conduct in March 2008.

The violations occurred from February 2006 to July 2008, while Wells was a registered representative with the Lloydminster, Alta branch of First Financial Securities Inc. Wells is still a registered rep with that firm.

IE