The appellant, an investment advisor, appealed a decision of the Ontario Securities Commission that upheld a disciplinary ruling by the Investment Industry Regulatory Organization of Canada (IIROC).
IIROC had found the appellant engaged in conduct detrimental to the public interest by maintaining undisclosed financial interests in the accounts of two relatives, resulting in a permanent ban, a $350,000 fine, and $80,000 in costs.
The Divisional Court dismissed the appeal, finding the Commission's decision reasonable, the reasons provided by IIROC adequate, and that the Commission properly afforded deference to the self-regulatory organization.
