CIRO announced on 22 October that a disciplinary hearing for David Grahame Lillie is scheduled for 29–31 March 2027, starting at 10:00 a.m. Eastern time. The former IPC Investment Corp representative conducted business in the Greater Sault Ste. Marie area and is no longer registered.[1]
Notice and hearing status
| Item | Details |
|---|---|
| Allegation one | Outside activities without required dealer disclosure or approvalSource 1Source 2 |
| Allegation two | Personal financial dealings with clients creating an alleged material conflictSource 1Source 2 |
| Hearing dates | 29–31 March 2027Source 1Source 2 |
| Location | CIRO, 40 Temperance Street, Suite 2600, TorontoSource 1Source 2 |
| Procedural position | Allegations awaiting a hearing; no finding or sanction announcedSource 1Source 2 |
The distinction between notice and finding matters
A hearing notice identifies the case the regulator intends to present. It does not establish that the alleged conduct occurred or determine the respondent’s liability. The hearing panel must assess the evidence and the applicable rules before any findings can be reported as conclusions.[1]
For dealers, the themes illustrate why outside-business disclosures and client-dealing controls need to be connected. A disclosed activity may still raise a conflict question, while a personal transaction can fall outside ordinary account surveillance. That is a general control observation, not a finding about the facts of this case.[1]
The next material development will be a revised hearing notice, a settlement or the panel’s decision. Any update should retain the same distinction between allegations, admitted facts and adjudicated findings. The cited notice does not justify describing the former representative as convicted, fined or barred.[1]
Sources & further reading
- Hearing Notice: CIRO to Hold a Disciplinary Hearing for David Grahame Lillie Canadian Investment Regulatory Organization via Newswire · 22 Oct 2026 · Accessed 27 Oct 2026
- CIRO public hearings calendar Canadian Investment Regulatory Organization · 26 Oct 2026 · Accessed 27 Oct 2026