The Ontario Securities Commission announced on Wednesday that it would consider reviewing a decision by an Investment Industry Regulatory Organization of Canada hearing panel regarding a Blackmont Capital Inc. trading officer.

In a decision on March 31, 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.

On May 1, Vitug submitted a request for a hearing and review of the IIROC decision by the OSC. The application argues that the hearing panel failed to deliver proper reasons for its decision, and made “important findings of fact based on a misapprehension of evidence and on an incomplete factual record.”

In addition, the hearing panel “overlooked or disregarded material evidence,” according to Vitug’s request.

The OSC has agreed to hold a hearing on July 20th in Toronto to consider the application.

A separate IIROC hearing concerning Vitug’s penalty took place on Wednesday morning, after the OSC dismissed an application by Vitug to stay the hearing.

IE