The Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Shayne Ian Frederick Nyquvest.
During the period in question, Nyquvest was an approved person, executive and board member with Mackie Research Capital Corporation, now known as Research Capital Corporation in Vancouver. Nyquvest is registered with Ascenta Finance Corp. as a dealing representative since July 2020.
According to the settlement agreement, between September 2016 and August 2017 he engaged in personal financial dealings when he made loans to two corporate clients he was connected to, in an effort to help his son gain experience in the capital markets. “The primary purpose of the loans was so the respondent could help his son learn about the capital markets. To assist, the respondent loaned money to corporate clients for which his son and either a longtime friend or brother were to manage,” the settlement agreement states.
Between December 2016 and April 2017 he also facilitated off-book investments, and between June 2016 and September 2017 he engaged in outside business activities, earning finders fees which were later disgorged when Mackie investigated.
“The activities were conducted in a manner that avoided detection by Mackie Research. The respondent’s position is that he did not intentionally take any steps to hide the activity,” the settlement agreement states.
In addition to a fine of $34,000, Nyquvest also agreed to pay costs to IIROC in the amount of $5,000. He is also suspended from registration in any capacity for six months, must work under close supervision for 12 months when he returns and must successfully rewrite the Conduct and Practices Handbook examination upon returning from his suspension.
