A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has ordered two B.C. brokers to pay $80,000 in total for trading violations.

The hearing panel accepted settlement agreements between IIROC staff and both Francesco Mauro and Scott Fraser Harding.

The hearing panel issued its decision on May 3.

IIROC began the investigation into Mauro and Harding’s conduct on Nov. 13, 2008. The violations occurred when they were registered representatives at the 100 Park Royal, West Vancouver branch of CIBC World Markets Inc.

Harding has admitted he failed in his role as gatekeeper in the markets when he entered and executed stock trades on behalf of a client for TSX-Venture-listed Evergreen Gaming Corp. which he ought to have known could be expected to create an artificial price in the stock’s share price. As part of his settlement agreement, Harding agreed to pay a fine of $40,000 and costs of $10,000.

Mauro admitted he failed in his role as Harding’s supervisor to ensure Harding complied with IIROC’s Universal Market Integrity Rules (UMIR). As part of his settlement agreement, Mauro agreed to pay a fine of $25,000 and costs of $5,000.

Both Mauro and Harding are currently registered in the same capacity at the 545 Clyde Avenue, West Vancouver Bbranch of Wellington West Capital Inc.

IE