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Jan. 17, 2013 /CNW/ - Following an expedited hearing held on
January 7, 2013, in
Toronto, a Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) granted the orders sought by IIROC staff against
Glenn Allan Prior.
The Order granted was based upon certain forgeries and the related criminal conviction against Mr. Prior. In particular, Mr. Prior forged his sister's and brother's signatures on guarantees for his personal investment account. In doing so, he made their capital available to backstop his trading. Unbeknownst to them, he incurred significant trading losses of over
$700,000, which would have exhausted nearly all of their capital had the guarantees been enforced. Ultimately, Mr. Prior's dealer, RBC Dominion Securities Inc. ("RBC DS"), declined to enforce the guarantees and instead took on Mr. Prior's trading debt. As such, Mr. Prior's forgeries resulted in a significant fraud on RBC DS.