News Release
Commission overturns IIROC panel decision that Victoria broker contravened IIROC rules
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Date:
2011-04-01 -
Number:
2011/28
Vancouver – A British Columbia Securities Commission panel has overturned an Investment Industry Regulatory Organization of Canada (IIROC) panel decision that Victoria broker Carolann Steinhoff contravened IIROC rules.
In March of 2010, an IIROC panel found that Steinhoff, then employed at the Victoria branch of Wellington West Capital Inc., instructed or condoned a practice among her staff of altering and creating false client documents that included cutting and pasting clients’ signatures. The panel also found that Steinhoff frustrated and obstructed investigations into her conduct.
The IIROC panel later suspended Steinhoff and made orders against her, including a fine of $60,000 and costs of $45,000. A commission panel stayed the IIROC orders pending the outcome of the commission’s review of the IIROC panel decision.
After a hearing in March, 2011, the BCSC panel set aside both IIROC decisions, finding that the evidence the IIROC panel relied on in making its decision was insufficient.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website www.bcsc.bc.ca by typing in the search box, Carolann Steinhoff or 2011 BCSECCOM 147. If you have questions, contact Richard Gilhooley, Media Relations, 604-899-6713.