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IIROC respondent Mann wins ruling on SEC evidence

2019-10-08 15:22 ET - Street Wire

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has removed what could have been one of the more interesting portions of its case against former National Bank Financial Inc. employee Dwight Mann. An IIROC panel has directed that a reference to one of Mr. Mann's clients, who had received a ban in the United States, be removed. Mr. Mann had complained that the regulatory history of his client had nothing to do with the case against him.

The decision, released on Monday, Oct. 7, comes as part of a case in which IIROC is pursuing Mr. Mann for fraudulent and deceptive conduct. The regulator claims that he used "gift trades" and "cancel and correct" transactions to enrich the accounts of some clients, at times to the detriment of others. He essentially took advantage of National Bank's policies to manipulate the performance of client accounts, IIROC says.

When it filed the case, IIROC claimed that one of Mr. Mann's clients had a regulatory history in the U.S. That client, only identified as "Client 1," socialized regularly with Mr. Mann, IIROC said. The client was also subject to an action brought by the U.S. Securities and Exchange Commission, which had banned the client from penny stocks. IIROC said that Mr. Mann had executed a large number of illegitimate "cancel and correct" transactions in this client's account, with the value of the trades totalling $221,135.

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I socialize unbeknownst to the sec husbands with their wives and girlfriends so what?

Posted by Oh well at 2019-10-09 10:01