Contact
Calgary (Alberta), April 5, 2024 – Following a settlement hearing held under the Mutual Fund Dealer Rules on January 17, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Donald Gable:
- engaged in securities related business that was not carried on for the account of the Dealer Member or conducted through its facilities by recommending, selling, or facilitating the sale of securities to an individual;
- referred an individual and a Dealer Member client to invest in companies and received compensation for doing so, thereby participating in a referral arrangement to which the Dealer Member was not a party; and
- failed to report to the Dealer Member that he had received a client complaint and paid compensation to the client to settle the complaint without informing the Dealer Member or obtaining its prior written consent.
The hearing panel issued its reasons for decision on March 22, 2024, which are available at:
In its reasons for decision, the hearing panel confirmed the sanctions imposed on Donald Gable. In particular:
- prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO registered as a mutual fund dealer for a period of 10 years;
- a fine in the amount of $36,000; and
- shall in the future comply with the policies and procedures of the Dealer Member and Mutual Fund Dealer Rules 1.1.1, 1.4(b), 2.1.1, 1.1.2 (as it relates to Rule 2.5.1), 2.4.2, 600 and 300.
Donald Gable is also required to pay costs in the amount of $7,500.
During the period described in the Notice of Hearing, Donald Gable conducted business in the Calgary, Alberta area.
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.
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.
-30-
Contact
Other Notices associated with this Enforcement Proceeding:
-
-
-
New SRO schedules dates for Hearing on the Merits in the matter of Donald Gable
Type:Hearing Notice -
-
-
-