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OSC dismisses appeal of 24-month IIROC suspension for false endorsements and compliance misrepresentations.
Julian Robert Ricci applied to the Ontario Securities Commission for a hearing and review of an IIROC hearing panel decision that suspended him for 24 months, fined him $200,000, and ordered $15,000 in costs for making misrepresentations to his firm's compliance staff and falsely endorsing client signatures.
Ricci argued the panel overlooked material evidence of client support and his prior non-registered time, and that the suspension was overly harsh.
The Commission dismissed the application, finding the IIROC panel did not overlook material evidence, err in law, or impose an unfit suspension, noting the Commission's restrained approach to interfering with self-regulatory organization sanctions.
