Merrill Lynch Canada: Investment Industry Regulatory Organization Of Canada

Gurpreet Singh Pawar Dept: In a notice of hearing, the Investment Industry Regulatory Organization of Canada alleged that Gurpreet Singh Pawar incurred a large personal debt, and to pay it down, he fraudulently persuaded four close friends to invest in a fictitious security, according to Vancouver Sun. IIROC said that on Dec. 8, 2009, he used his Credential email account to persuade a friend to invest in what he described as a "principal-protected note" offered by Merrill Lynch Canada. He claimed the note would pro-vide a minimum return of five per cent when it matured in July 2010, and up to seven per cent depending on the performance of the Toronto Stock Exchange and a call centre employee at Credential Securities Inc. in Vancouver has been accused of misappropriating $95,000 from four people. Pawar began working in the securities industry in 2001 and worked for three different firms before joining Credential in 2008. He was fully licensed to give advice and solicit investments, but he wasn't authorized by Credential to do so. He worked for Credential Direct, an execution-only division of the firm. (www.immigrantscanada.com). As reported in the news.