The Investment Industry Regulatory Organization of Canada (IIROC) announced July 12 that it has accepted a settlement agreement with M Partners Inc. and Steven Isenberg which includes heavy fines.
M Partners admitted to failing to comply with its trading supervision obligations and failing to maintain a proper audit trail, says IIROC. Isenberg, as the firm’s UDP (Ultimate Designated Person), admitted “that he did not take adequate steps to supervise M Partners' compliance with its regulatory obligations regarding trading supervision and the maintenance of a proper audit trail, and failed to promote compliance at M Partners,” says the regulator.
As part of the agreement, IIROC has fined M Partners $120,000 plus costs of $10,000. The regulator has also fined Isenberg $70,000.
IIROC began its investigation into M Partners' conduct in March 2015 and initiated the investigation into Isenberg's conduct in April 2015. Isenberg continues to be registered as UDP for M Partners.
To learn more, consult the settlement agreement on IIROC’s website.