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IN THE MATTER OF Glenn Allan Prior - Decision - Penalty

TORONTO, 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.

For further details, a copy of IIROC staff's Notice of Application can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=4D11C65674724F8B8B92DBC2734E83D7&Language=en

At the hearing, IIROC staff sought orders providing that Mr. Prior's rights and privileges of approval for registration in any capacity or category with IIROC are permanently terminated and that he pay $25,000 in costs of the investigation and hearing.  The panel made an Order granting all of the requested relief.

A copy of the Hearing Panel's Order dated January 7, 2013, can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=878A77D2ACCD4AAC9BCC60F3F81AC68B&Language=en.

The Hearing Panel's reasons for the Order will be made available at www.iiroc.ca.

Documents related to ongoing IIROC enforcement proceedings - including Reasons and Decisions of Hearing Panels - are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

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