A hearing panel of the Investment Industry Regulatory Organization of Canada has found that Toronto rep had undisclosed financial dealings in accounts at another firm.

From April 2003 to August 2005, Julius Caesar Phillip Vitug engaged in business conduct or practice which is unbecoming or detrimental to the public interest in that he had an undisclosed financial interest and undisclosed financial dealings in accounts, including accounts held at another member firm, of two of his clients, the hearing panel found.

The Investment Dealers Association of Canada formally initiated the investigation into the Vitug’s conduct on Aug. 4, 2005. The violation occurred when he was a registered representative with the Toronto branches of TD Waterhouse Canada Inc. and Blackmont Capital Inc.

Vitug is still within the industry in a registered capacity with Blackmont Capital Inc, an IIROC-regulated firm.

A disciplinary hearing was held on February 23, 25 and 26, in Toronto, and the hearing panel issued its decision and reasons on March 31.

A separate hearing will be held to determine the penalty to be imposed on Vitug.

The hearing panel’s decision and reasons are available at www.iiroc.ca.

IE