CIRO Hearing Panel issues Reasons for Decision in the matter of Allen Murphy 

24-0209
Type:
Decision Notice
Rulebook connection
IDPC Rules

Contact

Toronto (Ontario), July 5, 2024 – Following a settlement hearing held on May 1, 2024 pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Allen Murphy facilitated off-book investments for his clients without his firm’s consent.

The hearing panel issued its Reasons for Decision on June 25, 2024, which are available at:

Re Murphy 2024 CIRO 57

In its Reasons for Decision, the hearing panel confirmed the sanctions imposed on Allen Murphy, in particular:

  1. a fine of $35,000,
  2. a one-month suspension, and
  3. a two-month strict supervision by his employer.

Allen Murphy is also required to pay costs in the amount of $5,000.

The violations occurred while Allen Murphy was a Registered Representative with the Thornhill branch of CIBC World Markets Inc. Allen Murphy continues to be employed in the industry in a registered capacity.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

-30-

24-0209
Type:
Decision Notice
Rulebook connection
IDPC Rules

Contact

Other Notices associated with this Enforcement Proceeding: