Questrade, trader fined for trading rule violations

Related news Eydelman admitted that between August 2009 and February 20I0, he entered orders on the Toronto Stock Exchange that he ought reasonably to have known could reasonably be expected to create an artificial bid price for Quebecor Inc. Class A securities (TSX:QBR.A), contrary to trading rules. Questrade admitted that at the time of the orders it failed to have adequate policies and procedures in place and a supervision system sufficient to prevent and detect potential artificial bid prices. In accepting the settlement, Eydelman agreed to a three month suspension from access to an IIROC-regulated marketplace. He also agreed to pay a fine $30,000 and $5,000 in costs. Questrade agreed to pay a $70,000 fine and $10,000 in costs. IIROC formally initiated its investigation in November 2010. Eydelman remains employed by Questrade as a registred trader. IE Staff Keywords EnforcementCompanies Investment Industry Regulatory Organization of Canada, Questrade Financial Group Inc. PwC alleges deleted emails, unusual transactions in Bridging Finance case BFI investors plead for firm’s sale Facebook LinkedIn Twitter Share this article and your comments with peers on social media Mouth mechanic turned market manipulator The Investment Industry Regulatory Organization of Canada (IIROC) has fined Toronto-based online brokerage Questrade Inc. and one of its registered traders for violating trading rules. On April 22, an IIROC accepted a settlement agreement, with sanctions, between IIROC staff, Alexey Eydelman and Questrade. read more