CIRO to Hold a Disciplinary Hearing for Clarus Securities Inc. and James Christodoulis

TORONTO, Dec. 1, 2023 /CNW/ – A hearing has been scheduled before a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Investment Dealer and Partially Consolidated Rules in the matter of Clarus Securities Inc. (Clarus) and James Christodoulis.

The hearing is open to the public unless the hearing panel orders otherwise. The decision of the hearing panel will be made available at www.ciro.ca

Initial Appearance Date:        January 9, 2024 at 10:00 am Eastern Time

Location:                                Toronto, Ontario (via videoconference)

 

The hearing concerns allegations that Clarus and James Christodoulis participated in the manipulation of the market resulting in a false or misleading appearance of trading activity, and that Clarus did not conduct reasonable supervision of the client or inventory trading being entered and executed through the firm and failed to make reasonable and necessary inquiries about the trading.

The Notice of Hearing and Statement of Allegations, which set out the allegations, are available at: Clarus and Christodoulis, James – Notice of Hearing and Statement of Allegations

The alleged violations occurred while James Christodoulis was a Registered Representative with Clarus. James Christodoulis is the co-founder of Clarus and has been the firm’s Ultimate Designated Person since 2013. He continues to be employed in a registered capacity with Clarus. Clarus is a CIRO-regulated Dealer Member and a Participant under the Universal Market Integrity Rules based in Toronto, Ontario.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers) and the Mutual Fund Dealer Rules (for mutual fund dealers) is available in the Enforcement section of the CIRO website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctionsincluding fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

The Canadian Investment Regulatory Organization (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 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.

SOURCE Canadian Investment Regulatory Organization (CIRO)