A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement between IIROC staff and Martin Fabi, a registered representative with the Montreal Branch of MF Global Canada Co.

IIROC formally initiated the investigation into Fabi’s conduct in February 2008.

At an IIROC hearing on Oct. 16, Fabi admitted that on Dec. 31, 2007 he entered orders and executed trades on the TSX Venture Exchange that he ought reasonably to have known would create or could reasonably be expected to create an artificial sale price for six securities.

The hearing panel fined Fabi $15,000 and also ordered him to pay costs of $5,000.

The hearing panel issued its reasons and decision verbally on Oct. 16. The panel’s decision and reasons will be available in the near future

Fabi is still within the industry in a registered capacity with MF Global Canada Co.

The Settlement agreement is available on the IIROC Web site.