Turmoil marred Jacob Securities’ final months
The final months of life for Jacob Securities Inc. were marred by capital deficiencies, compliance violations, a senior executive’s abrupt exit and employees being locked out of the office, according to documents released Tuesday.
Amid the pandemonium, the Toronto-based broker dealer was still trying to raise money for a new fund, say documents from the Investment Industry Regulatory Organization of Canada (IIROC). On Dec. 18, IIROC announced it had suspended Jacob Securities’ membership, which effectively put the dealer out of business.
“We disagree with both the characterizations and the outcome of the report, and we are weighing our options,” Sasha Jacob, founder and chief executive officer of Jacob Securities, said in an interview.
According to the report from the IIROC hearing panel, Jacob Securities had been on the regulator’s radar as far back as May, 2013, when it was flagged for “low risk-adjusted capital.” IIROC-registered dealers must maintain a minimum...
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