The Ontario Securities Commission (OSC) will hear a bid for an appeal of a disciplinary decision that was handed down against a former rep last year.
The OSC said Tuesday that it will hold a hearing to consider an application from a former rep Roger Carl Schoer for a review of a decision from the Investment Industry Regulatory Organization of Canada (IIROC) that was rendered in May 2011.
Toronto broker banned for running “Ponzi-like” scheme
In that decision, an IIROC hearing panel ruled that Schoer fraudulently induced clients and others to invest in what were misrepresented as private placement investments in small corporate entities. Instead, it found that he used the funds to pay off other clients and individuals, or to pay unrelated personal debts. As a result, it banned him permanently, handed him a $200,000 fine and assessed $100,000 in costs.
The review by the OSC is scheduled for September 18.