Bardya Ziaian: Accused of Syndication
About Bardya Ziaian
Bardya Ziaian claims that he is an Executive, producer of movies, and entrepreneur, resides in Toronto and specializes in the fields of fintech, brokerage services, and financial systems.
He is an entrepreneur who has started several businesses, including the wealth management firm Robo Advisor, the discount broker Virtual Brokers, which was consistently ranked #1 in Canada, and the think tank SITTU Group.
In addition, He developed self-clearing and trading systems in the US and Canada. He established BBS Securities and Virtual Brokers in 2008, a Canadian discount broker that was later acquired by CI Financial.
Bardya Ziaian is committed by IIROC for syndications
The Investment Industry Regulatory Organization of Canada (IIROC) has penalized a former industry executive as part of a settlement for his management of new issue allocations.
Bardya Ziaian, the former CEO of BBS Securities Inc., acknowledged breaking the regulations of the self-regulatory body between August and December 2013, and an IIROC hearing panel authorized a settlement with her. According to IIROC, He “failed to make bona fide offerings of new issues to public investors.”
Following the settlement, He broke IIROC regulations when he sent underwriting syndicates expressions of interest for new issues that didn’t accurately represent investor interest.
The majority of the new issue stocks were deposited by He is into his firm’s inventory accounts or accounts [he controlled] even though clients always received the securities that they sought within the relevant period, it was noted.
The firm was able to trade successfully using the new issue allocations it was given as a result.
As the sole shareholder, He is benefited indirectly from the selling concessions his firm obtained, according to the settlement. ” Bardya Ziaian’s firm also received significant profit in the form of drawdown prices or selling concessions for the new issues,” it stated.
As part of the settlement, Bardya Ziaian consented to an 18-month suspension from certain supervisory roles as well as a $150,000 fine and $35,000 in fees. CI Financial Corp. acquired BBS in 2017.
What is a Red Flag?
A red flag serves as a signal or sign that there may be an underlying issue or danger associated with a company’s stock, financial statements, or news reports. These indicators can come in many forms and are often identified by analysts or investors as any notable undesirable trait.
What is the Investment Industry Regulatory Organization of Canada?
A non-profit, national self-regulatory organization, the Investment Industry Regulatory Organization of Canada (IIROC) (SRO). On June 1, 2008, the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RMS) merged to become IIROC, which is responsible for regulating all investment dealers and trading activities on Canadian debt and equity markets.
It also organizes enforcement hearings, has quasi-judicial authority to suspend, punish, and expel members and registered representatives, such as advisors, and sets regulatory and investment industry standards. Nonetheless, investor advocates have frequently attacked it as being ineffectual.
The Investment Dealers Association of Canada (IDA) and Market Regulation Services Ltd. merged to establish IIROC on June 1, 2008. (RS).
To organize the financing of Canada’s war effort, the Toronto Board of Trade’s Bond Dealers Section was established in 1916. In 1934, it adopted the name Investment Dealers Association of Canada. The IDA has been both a regulator and a support group for securities dealers throughout the majority of its history. The Investment Industry Association of Canada, a new, independent industry group, took over the job of the industry association in 2006 as IDA limited its focus to regulation.
In response to the introduction of National Instruments 21-101 Marketplace Operation and 23-101 Trade Regulations, which call for an independent regulation services provider to oversee trading in all Canadian marketplaces, including the TSX, Market Regulation Services Inc. was established in 2002.
Brief about Bardya Ziaian sanction by IIROC
A Settlement Agreement between IIROC employees and He was accepted by a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) on May 20, 2022, along with penalties.
In violation of Dealer Member Rule 29.3, Bardya Ziaian agreed that between August 2013 and December 2013, he failed to make genuine offerings of new issues to public investors in situations where he ought to have known that the expressions of interest were not genuine.
Bardya Ziaian consented to pay the following fine under the Settlement Agreement:
-Payment of a $150,000 fine that includes disgorgement;
-The Ultimate Designated Person, Chief Compliance Officer, and Supervisor, as defined in IIROC Rules, shall not be approved for any of the aforementioned supervisory positions for 18 months beginning on the date this Settlement Agreement is accepted.
Additionally, Bardya Ziaian consented to shell out $35,000 in charges.
Detail of Bardya Ziaian Case
On 14 August 2019, IIROC begins disciplinary action against former BBS Securities Inc. UDP Bardya Ziaian
To arrange a date for the Bardya Ziaian disciplinary case, an appearance has been scheduled before a case Panel of the Investment Industry Regulatory Organization of Canada (IIROC).
The claims that Bardya Ziaian violated Dealer Member Rule 29.1 by receiving allocations of new issues for proprietary trading purposes rather than distributing them to BBS Securities Inc. clients are the subject of the punishment hearing.
In May 2015, IIROC formally opened an investigation into Bardya Ziaian‘s actions. The alleged offenses allegedly took place while he was a Registered Representative at the IIROC-regulated company BBS Securities Inc. Bardya Ziaian is no longer a registered user with a company governed by the IIROC.
On 15 January 2020, IIROC holds a disciplinary hearing regarding former BBS Securities Inc. UDP Bardya Ziaian
A hearing for disciplinary action against Bardya Ziaian is held by the Investment Industry Regulatory Organization of Canada (IIROC).
The claims that Bardya Ziaian violated Dealer Member Rule 29.1 by receiving allocations of new issues for proprietary trading purposes rather than distributing them to BBS Securities Inc. clients are the subject of the punishment hearing.
On 07 April 2020, Adjournment in the matter of Bardya Ziaian
On May 19, 2020, a hearing in the case of Bardya Ziaian was supposed to start before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC). The hearing has been postponed till a later time.
The hearing is related to a claim that Bardya Ziaian:
-Violated Dealer Member Rule 29.5 by receiving allocations of new issues for proprietary trading rather than distributing them to BBS Securities Inc. clients, which is improper trading activity.
On 17 September 2020, IIROC holds a disciplinary hearing regarding former BBS Securities Inc. UDP Bardya Ziaian
In the case of Bardya Ziaian, a hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC). March 30, 2020, adjourned hearing has now been set to begin via videoconference on October 13, 2020.
On September 23, 2020, a motion on this subject has also been scheduled. Bardya Ziaian requests the following directive:
-An order mandating that the hearing in this matter be held in oral form going forward, or, alternatively,
-An order permanently delaying this case on the justification that IIROC lacks the authority to do so.
Motion Date: On September 23, 2020, at 2:00 p.m., the motion will be heard through videoconference.
Date of Hearing: On October 13, 2020, at 10:00 a.m., a videoconference will be used for the hearing.
The claims that Bardya Ziaian participated in inappropriate trading activity by acquiring allocations of new issues for proprietary trading rather than assigning them to BBS Securities Inc. clients are the subject of the discipline hearing.
On 08 October 2020, the IIROC hearing panel issued a motion decision in the matter of former BBS Securities Inc. UDP Bardya Ziaian
A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) refused Bardya Ziaian‘s request for the hearing to be conducted as an oral hearing or an order permanently halting this process following a motion heard on September 23, 2020.
The motion relates to a disciplinary action taken against Bardya Ziaian, who is accused of engaging in unlawful trading by receiving allocations of new issues for his use rather than distributing them to BBS Securities Inc. clients.
To request a hearing and a review of the motion judge, Bardya Ziaian has submitted a notice of the application to the Ontario Securities Commission. On November 12, 2020, the Ontario Securities Commission will hear the application. The discipline hearing that was supposed to start on October 13, 2020, has been postponed to a later date.
On 25 August 2021, IIROC holds a disciplinary hearing regarding former BBS Securities Inc. UDP Bardya Ziaian
On 14 January 2022, Adjournment in the matter of Bardya Ziaian
On January 17, 2022, a hearing in the case of Bardya Ziaian was supposed to start before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC). The hearing has been postponed till a later time.
The claims that Bardya Ziaian participated in inappropriate trading activity by receiving allocations of new issues for proprietary trading and failing to allocate the new issues to BBS Securities Inc. clients, in violation of Dealer Member Rule 29.1, are the subject of the punishment hearing.
On 13 May 2022, IIROC hold a settlement hearing for Bardya Ziaian
The Investment Industry Regulatory Organization of Canada (IIROC) Hearing Panel has set a hearing to discuss whether the panel should approve a Settlement Agreement made between IIROC employees and Bardya Ziaian.
The Settlement Agreement addresses a Notice of Hearing that was issued in this case on August 1, 2019, and it would resolve allegations that Bardya Ziaian failed to make genuine offerings of new issues to investors in the public in situations where he should have known that the expressions of interest were not genuine.
Date of Hearing: On May 20, 2022, at 10:00 a.m. (ET), a videoconference will be used for the hearing.
On 31 May 2022, IIROC sanctions Bardya Ziaian
A Settlement Agreement between IIROC employees and Bardya Ziaian was accepted by a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) on May 20, 2022, along with penalties.
In violation of Dealer Member Rule 29.3, Bardya Ziaian agreed that between August 2013 and December 2013, he failed to make genuine offerings of new issues to public investors in situations where he ought to have known that the expressions of interest were not genuine.
Bardya Ziaian consented to pay the following fine under the Settlement Agreement:
-Payment of a $150,000 fine that includes disgorgement;
-The Ultimate Designated Person, Chief Compliance Officer, and Supervisor, as defined in IIROC Rules, shall not be approved for any of the aforementioned supervisory positions for 18 months beginning on the date this Settlement Agreement is accepted.
Additionally, Bardya Ziaian consented to shell out $35,000 in charges.
