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Thursday, February 18, 2016 5:05:43 PM
Hawkins = this guy:
Hawkins Ought to Have Known
15. There were a number of circumstances that ought to have caused Hawkins to make further and more detailed inquiries concerning the trading activities of Andrew Currah, Colin Halanen and Nick Weir and their respective companies.
(a) Throughout the relevant period Hawkins knew that Andrew Currah was promoting Findore shares. At the material times Hawkins knew that Andrew Currah, Nick Weir and Colin Halanen shared office space and business dealings.
(b) Between the period from July, 1997 to December, 1998, Andrew Currah, Colin Halanen and Nick Weir, through both their personal and corporate accounts, placed approximately 1,000 orders with Damm and Hawkins resulting in over 2,000 trades in the shares of Findore.
(c) Hawkins was aware of the level of trading in Findore shares by Andrew Currah, Colin Halanen and Nick Weir and their companies at Research Capital. Hawkins was aware that from time to time treasury shares would be deposited into their accounts in support of their trading activities; between July 1997 and December 1998 approximately 989,000 shares were so deposited. Hawkins was aware that during the material time there were usually debit balances in the cash accounts of Andrew Currah, Colin Halanen and Nick Weir and their companies at Research Capital, and that Findore’s shares were not marginable.
(d) Because Hawkins and Damm had access to market making facilities, they received many orders in respect of Findore shares from a variety of clients. The orders received from Andrew Currah, Colin Halanen and Nick Weir and their companies were a majority of the total orders received by Hawkins and Damm in respect of Findore shares. Their trading instructions would form the basis of Research Capital’s posted bids and offers for Findore so long as they were the best bid or offer.
(e) From time to time when trading was hectic, Hawkins entered authorized trades in Findore shares on behalf of Andrew Currah, Colin Halanen and Nick Weir or their companies without specifying a brokerage account. At the end of the trading day, he would speak with one or more of them to determine in which account the trade belonged.
(f) Hawkins was personally involved as registered representative for eight trades in Findore shares between or among two of Andrew Currah, Colin Halanen, Nick Weir and their respective companies. Of those trades, five were at a price higher than the prior day’s closing, and three were a price lower than the prior day’s closing. Hawkins ought to have realized that these trades could have created a misleading appearance as to the volume of trading or the market price of Findore shares
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