The Ontario Securities Commission (OSC) will hold a hearing to consider a former rep’s appeal of a disciplinary decision against him by the Investment Industry Regulatory Organization of Canada (IIROC).
The OSC announced Thursday that it will hear an appeal from Earl Marek, a former rep with Richardson GMP Ltd., starting Nov. 8.
Earlier this year, an IIROC hearing panel ordered Marek be suspended for a year and fined $50,000, along with other sanctions, after it found he facilitated off-book transactions for two clients.
According to the OSC’s notice, Marek is appealing the IIROC panel’s finding and the penalties levied against him. He’s seeking to have the allegation dismissed and the penalties set aside.
Marek’s application to the OSC argues that the IIROC hearing panel erred in: finding that the individuals involved were his clients; interpreting the IIROC rules; and imposing penalties in the case. The application also argues the emails between Marek and his firm should not have been admitted as evidence in the hearing.