The Ontario Securities Commission has dismissed a motion by a Blackmont Capital Inc. trading officer seeking to stay a decision of an Investment Industry Regulatory Organization of Canada hearing panel, IIROC announced on Tuesday.

In a decision on March 31st, the IIROC hearing panel found that Julius Caesar Philip Vitug, a trading officer, registered representative and associate portfolio manager with Blackmont Capital, had formerly engaged in business conduct unbecoming or detrimental to the public interest.

In particular, the panel found that between April 2003 and August 2005, Vitug had an undisclosed financial interest and undisclosed financial dealings in accounts, including accounts held at another member firm, of two of his clients. During the period, Vitug was a registered rep with TD Waterhouse Canada Inc. and Blackmont Capital.

In a motion hearing held on June 15, the OSC dismissed a motion by Vitug for an order staying the decision against him pending the disposition of the hearing and review before the OSC.

The stay would have affected a proposed hearing on the penalty to be imposed against Vitug, which is set to take place on June 24.

IE