Malley disciplinary hearing going ahead as scheduled

The Investment Industry Regulatory Organization of Canada (IIROC) has rejected a request by Brian and Christine Malley that their disciplinary hearing be postponed.

The Investment Industry Regulatory Organization of Canada (IIROC) has rejected a request by Brian and Christine Malley that their disciplinary hearing be postponed.

Brian Malley is charged with first-degree murder in connection with the Nov. 25, 2011, death of Innisfail resident Vicky Shachtay. RCMP said the 23-year-old mother was killed when a bomb that had been delivered to her home exploded.

A registered representative of Assante Capital Management Inc., Malley was arrested in May 2012. Subsequently, IIROC scheduled a disciplinary hearing, alleging that Malley failed to co-operate with its investigation into his conduct, failed to know essential facts relative to some of his clients, made unsuitable recommendations to some clients, and made discretionary trades without authorization.

Malley’s wife Christine, who worked for Assante as manager of its Red Deer sub-branch, is also a party in IIROC’s hearing. She’s alleged to have failed to co-operate with IIROC’s investigation and failed to exercise her supervisory responsibilities with respect to Brian Malley’s clients.

The IIROC hearing is scheduled for March 3 to 5 in Edmonton, but the Malleys had sought a stay pending the disposition of the criminal charges against Brian Malley. An IIROC panel dismissed that application, stating that it would provide reasons for its decision later.

Brian Malley’s trial is scheduled for early 2015.

The Malleys were both terminated by Assante following Brian Malley’s arrest, according to IIROC’s notice of hearing.

They face fines of up to $1 million for each contravention of IIROC’s dealer member rules, and professional sanctions.

The Malleys have also been named in a class action lawsuit filed on behalf of Assante clients whose investments were managed by Brian Malley. It seeks $80 million in damages, with Assante also named a defendant.

The allegations contained in IIROC’s notice of hearing and in the statement of claim for the class action lawsuit have not been proven.

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