A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has suspended the membership of Credifinance Securities Ltd., following following an expedited hearing in Toronto on March 6.

The panel also ordered that Credifinance comply with IIROC dealer member Rule 600 throughout the suspension period, and cease dealing with the public immediately.

The company must also pay $6,000 in costs.

The order came into effect on March 6.

Credifinance is in the process of winding down its operations.

IIROC said client accounts are not at risk of financial loss, and only four remain in existence. They are all being closed or transferred to another firm.

The panel’s order is available at www.iiroc.ca.

IE