CIRO Hearing Panel issues Decision on Sanctions and Reasons in the matter of Nicholas Andrew Rivet

November 30, 2023 (Toronto, Ontario) – A Hearing Panel of the Canadian Investment Regulatory Organization (“CIRO”), has issued its Decision on Sanctions and Reasons dated November 2, 2023 (“Decision and Reasons”), in connection with a disciplinary hearing held electronically by videoconference in Toronto, Ontario on June 22, 2022 in the matter of Nicholas Andrew Rivet (the “Respondent”).

In the Decision and Reasons, the Hearing Panel outlined its reasons for its findings of misconduct made against the Respondent. In particular, the Hearing Panel found that:

• Between approximately December 2017 and January 2018, the Respondent misappropriated or failed to account for monies obtained from a client, contrary to MFDA Rule 2.1.1;
• On or about April 12, 2018, the Respondent created and provided a fictitious document to a client in order to conceal from the client that the Respondent had misappropriated the client’s monies, contrary to MFDA Rule 2.1.1; and
• On December 18, 2017, and January 4, 2018, the Respondent processed two trades in the accounts of a client without first obtaining instructions from the client with respect to all elements of the trades, contrary to the Member’s policies and procedures and MFDA Rules 2.3.1(b), 2.1.1, 1.1.2, and 2.5.1.

In the Decision and Reasons, the Hearing Panel imposed the following sanctions on the Respondent:

• a permanent prohibition on the Respondent's authority to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member; and
• costs in the amount of $7,500.

A copy of the Decision and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the North Bay, Ontario area.

CIRO is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

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