(January 27 – 11:30 ET) – Norman Francis Rodgers and the Toronto Stock Exchange have reached a settlement. Rodgers was employed as a registered representative and registered
trader with Griffiths, McBurney & Partners, a member of the Exchange. He is currently employed with Canaccord Capital Corporation, also a member of the Exchange.
Rodgers has admitted to violating Section 11.26(1) of the General By-law which makes it an offence to use or knowingly participate in the use of any manipulative or deceptive method of trading in connection with the purchase or sale of any security which creates a false or misleading appearance of trading activity or an artificial price.
Rodgers is required to: (a) pay a fine of $15,000; (b) serve a one month suspension in all capacities with a member commencing March 1, 2000; (c) pay $2,000 towards the cost of the Exchange’s investigation; and (d) maintain a score on his Registered Trader Performance Review of not less than the average score of all Registered Traders during a 12 month period commencing April 1, 2000, failing which his stocks ofresponsibility shall be removed and re-assigned.
Between November 3, 1997 and January 30, 1998, Mr. Rodgers entered 107 bids for his registered trading account in three of his stocks of responsibility . The bids had the effect of establishing high closing quotations in the three listed securities.
Following a review of the findings of the Exchange’s investigation, the Department of Market Regulation has concluded that there are no grounds for any disciplinary action against the Member, Griffiths McBurney & Partners.
-IE Staff