McDermott Insurance Brokers Limited
Registration Number: A1419
Alliston, Ontario
Robert E. Farquhar
Registration Number: R03592
Alliston, Ontario
HEARING DATE: May 22, 2008
MISCONDUCT: Ont. Reg. 991, ss. 15(1)13, 21(1)(2)
PARTICULARS OF THE COMPLAINT:
McDermott Insurance Brokers Limited (hereinafter referred to as “McDermott Insurance”) had been delinquent in its duty to file their position reports on or before the respective due dates.
Robert E. Farquhar as Principal Broker of McDermott Insurance knowingly concurred in the misconduct of the corporation.
DISCIPLINE COMMITTEE’S DISPOSITION:
The Discipline Committee accepted the plea of guilty by Robert E. Farquhar personally, and on behalf of McDermott Insurance and accepted the evidence adduced by RIBO in support of the plea of guilty and found McDermott Insurance and Robert E. Farquhar were guilty of misconduct as alleged therein and ordered:
(a) That McDermott Insurance file with RIBO monthly position reports in Form-1 for a period of one year, all of which position reports must reflect that the brokerage is maintaining its net trust equity position in compliance with the Regulations.
(b) That McDermott Insurance subsequently file with RIBO quarterly position reports in Form-1 for a period of one year, all of which position reports must reflect that the brokerage is maintaining its net trust equity position in compliance with the Regulations.