The Ontario Securities Commission (OSC) has revoked the stay it issued of a penalty handed down by an Investment Industry Regulatory Organization of Canada (IIROC) hearing panel, after both sides agreed to drop their appeals.
The OSC issued the stay last year after the target of IIROC disciplinary action, Steven George Conville, applied to appeal the hearing panel’s decision against him, and sought a stay of that penalty, pending the appeal. IIROC did not oppose the stay, as it was pursuing its own appeal of the penalty handed down by the hearing panel.
OSC stays IIROC penalty against Conville
Conville had been seeking to appeal a decision against him, which found that he participated in a fraudulent mortgage scheme. As a result, it ordered him banned for six months, fined him $50,000, and ordered him to pay $15,000 in costs. He argued that the panel made mistakes and didn’t review all of the evidence in the case.
On its appeal, IIROC staff was seeking a permanent ban against him, saying that the hearing panel gave too much weight to his lack of disciplinary history.
However, the OSC has now revoked the stay, indicating that IIROC staff and Conville agreed to drop their respective appeals.