CIRO - Canadian Investment Regulatory Organization
CIRO - Canadian Investment Regulatory Organization
05/04/2026 | Press release | Distributed by Public on 05/04/2026 13:18
CIRO Sanctions Independent Trading Group Inc.
Toronto (Ontario) May 4, 2026 - On April 15, 2026, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing pursuant to the Investment Dealer and Partially Consolidated Rules and accepted a settlement agreement, with sanctions, between Enforcement Staff and Independent Trading Group Inc. (ITG).
ITG admitted it failed to act as a gatekeeper in relation to the trading activity in U.S. over-the-counter (OTC) securities by two foreign broker dealer clients.
Pursuant to the settlement agreement, ITG agreed to pay a fine of $500,000, disgorgement of $1,500,000 and costs of $50,000.
The settlement agreement is available at:
Independent Trading Group Inc. - Settlement Agreement
The hearing panel's reasons for decision will be made available at https://www.ciro.ca.
ITG is a CIRO-regulated investment dealer.
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