Winnipeg-based investment dealer Jory Capital Inc. has been suspended by the Investment Industry Regulatory Organization of Canada (IIROC) and ordered to stop dealing with the public.
IIROC said Friday that, following an expedited hearing held on December 13, it has immediately suspended the firm’s membership; ordered it to cease dealing with the public, and to preserve its books and records. The order also grants IIROC staff the power to facilitate the transfer of client accounts from the firm’s carrying broker to another dealer.
The move comes in the wake of Jory’s suspension by various securities commissions over concerns that it has been capital deficient since late October. Back on November 22, its registration was suspended in Manitoba, Saskatchewan, Alberta, and BC; and, on December 6, the Ontario Securities Commission (OSC) followed suit.
Additionally, IIROC said that it late November, Jory informed the regulator of its intention to withdraw from the self-regulatory organization.
IIROC advises clients seeking to liquidate or transfer their accounts, or to request a cheque, should contact the carrying broker, National Bank Correspondent Network, directly.