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by Mike Caswell

Hampton Securities Ltd. chief executive officer Peter Deeb, recently banned and ordered to pay $1.95-million by the Canadian Investment Regulatory Organization, has asked the Ontario Securities Commission to overturn the findings against him. He says that his fine is "excessive, punitive and not in line with other precedents." He further complains that bans against him are not "proportional to the conduct" at issue.

The request from Mr. Deeb comes as part of a case CIRO pursued against him over high-risk trades that resulted in his firm improperly obtaining access to credit. Among other things, Mr. Deeb entered short sales to obtain money to participate in new issues, according to CIRO. In doing so, he caused Hampton's carrying broker to assume the risks associated with the trading, CIRO said.

After 15 days of hearings, CIRO ordered Mr. Deeb to disgorge $1.22-million in gains, imposed a $500,000 fine and directed that he pay $230,000 in CIRO's costs. CIRO also permanently barred Mr. Deeb from serving as a UDP (or ultimate designated person, an executive responsible for a firm's compliance). On top of that, the regulator banned Mr. Deeb from working in a registered capacity for one year and from being an executive or supervisor for three years.

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