The Ontario Superior Court of Justice Divisional Court has dismissed an appeal brought by Julius Caesar Phillip Vitug of a decision of the Ontario Securities Commission, dated April 23, 2010 upholding the liability decision of an IIROC hearing panel dated March 31, 2009., IIROC announced Friday.

The IIROC hearing panel found that Vitug’s contraventions were serious “in that they go to the fundamental foundation of trust between the registered representative and his employers and the registered representative and his clients.”

“Vitug engaged in conduct unbecoming or detrimental to the public interest when he had undisclosed financial interests and undisclosed financial dealings in the accounts of two of his clients held at another member firm,” IIROC said in a release.

In a separate penalty decision that was not under appeal, the IIROC hearing panel determined that “it is necessary to protect the public against (Vitug) in the future by keeping him out of the industry”.

Effective immediately, Vitug is banned permanently from registration approval in any category under IIROC’s rules and must pay a fine of $350,000 as well as costs of $80,000.

The Divisional Court ordered Vitug to pay an additional $15,000 towards the costs of the appeal.

IIROC formally initiated the investigation into Vitug’s conduct on Aug. 4, 2005. The violations occurred when he was a registered representative with the Toronto Branch of TD Waterhouse Canada Inc. and Blackmont Capital Inc. (Now Macquarie Private Wealth Inc.).

As a result of the hearing panel’s decision on penalty, Vitug is no longer registered with an IIROC regulated-firm.

IE