A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement, with sanctions that include a permanent ban on registration, between IIROC staff and Vancouver-based Marcel Anil Rada.
Rada’s violations included off-book transactions, issuing personal cheques from company accounts and failing to cooperate with the IIROC investigation.
Rada admitted to soliciting under-the-table investments in Ialta Industries and at Montrose Explorations Ltd. then keeping the money for himself.
He also admitted to issuing a $30,000 personal cheque to an investor in repayment of a short-term loan to Montrose on a personal bank account he knew, or ought to have known, had been closed two months earlier.
These violations occurred in 2007 when Rada was a registered representative with the Vancouver branches of Wolverton Securities Ltd., and subsequently, Global Securities Corp., both IIROC-regulated firms.
Under the settlement, agreement Rada agreed to the following sanctions:
- a permanent prohibition from registration in any capacity with an IIROC-regulated firm;
- a $75,000 fine; and
- costs totalling $10,000.
Jennifer Harrison