The Ontario Securities Commission has taken the rare step of overturning a voluntary settlement agreement signed by a former junior employee of Scotia Capital Inc. with Canada’s brokerage industry regulator after his manager was cleared of wrongdoing in the same matter following a long legal battle.
In a ruling released Monday, OSC vice-chair Jim Turner said there would be “manifest unfairness” to Marc McQuillen if his settlement deal with the Investment Industry Regulatory Organization of Canada were to remain in place after an IIROC panel cleared his manager – former preferred share trading king Dave Berry – of wrongdoing in 2013 for the same activities.
Mr. Turner ordered that Mr. McQuillen’s disciplinary record should be expunged and ordered IIROC to pay him $25,000, which was the amount he paid in penalties to settle his case in 2007.
“McQuillen continues to suffer damage to his reputation and career as a result of the settlement agreement that he should not suffer,” Mr. Turner ruled.
Janet Mcfarland – Globe and Mail – September 15, 2014.
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