A hearing panel of the Investment Industry Regulatory Organization of Canada has ordered that Morgan Wilshire Securities (Canada) Inc. immediately cease dealing with the public, IIROC announced on Wednesday.

After an expedited hearing held on Monday, the panel also ordered the termination of the company’s IIROC membership and that the company pay costs of $6,852.75.

The orders follow the suspension of Morgan Wilshire’s registration as an investment dealer by the Ontario Securities Commission.

According to the IIROC, the company failed to respond to inquiries about audited financial statements and failed to acknowledge the imposition of early warning restrictions.

Morgan Wilshire also informed IIROC that it will cease operations as a securities dealer and will not renew its membership with IIROC.

The order came into effect on Jan. 26.