Defendant Name:
CIBC World Markets Corp.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Canadian Imperial Bank of Commerce, Inc.
SIC Code:
6029
CUSIP:
13606910
Initial Case Details
Legal Case Name
In the Matter of Canadian Imperial Holdings, Inc. and CIBC World Markets Corp.
First Document Date
20-Jul-2005
Initial Filing Format
Administrative Action
File Number
3-11987
Allegation Type
Broker Dealer
Violations Alleged
•
Sec 17(a) (Not specified)
•
Sections 7(c), 11(d) Exchange Act; Rules 10b-3, 17a-3 Exchange Act; Rule 22c-1 Investment Company Act; Regulation T promulgated by the Federal Reserve Board
Resolutions
First Resolution Date
20-Jul-2005
Headline Total Penalty and Disgorgement
$125,000,000
Related Documents:
33-8592
20-Jul-2005
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Finds, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, Section 203(e) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940
On July 20, 2005, the SEC instituted settled administrative and cease-and-desist proceedings against Canadian Imperial Holdings Inc. ("CIHI") and CIBC World Markets Corp. ("World Markets"), which are subsidiaries of Canadian Imperial Bank of Commerce, Inc. According to the SEC: "CIHI and World Markets, which are subsidiaries of Canadian Imperial Bank of Commerce, Inc. ('CIBC'), participated in a scheme to defraud numerous mutual funds and their shareholders through late trading and deceptive market timing.... More specifically, CIHI and World Markets engaged in three types of conduct that violated the federal securities laws: a) CIHI financed hedge fund customers while knowing the hedge funds would use the leverage to late trade and deceptively market time mutual funds; b) CIHI provided, and World Markets arranged, improper financing for market timing hedge fund customers in violation of the margin and extension of credit requirements; and c) a team of World Markets registered representatives ('RR') enabled numerous customers to late trade and deceptively market time mutual funds."
34-61142
10-Dec-2009
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
On December 10, 2009, the SEC issued a Notice of Proposed Plan of Distribution and Opportunity for Comment.
Proposed Plan of Distribution
On December 10, 2009, a Proposed Plan of Distribution was published.
34-61568
23-Feb-2010
Administrative Proceeding
Order Approving Plan, Appointing a Fund Administrator, and Waiving Bond
On February 23, 2010, the SEC issued an Order Approving Plan, Appointing a Fund Administrator, and Waiving Bond. The SEC's Order approved J.H. Cohn LLP as the Fund Administrator. Previously, on July 20, 2005, the SEC instituted a settled administrative and cease-and-desist proceedings against CIBC World Markets Corp. and Canadian Imperial Holdings Inc. The SEC alleged "violations of the federal securities laws in connection with the market timing and late trading by the Respondents."
34-65697
07-Nov-2011
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On November 7, 2011, the SEC ordered that "the Commission staff shall transfer $43,841,607.64 of the Fair Fund to US Bank and the Fund Administrator shall distribute such money to Recipient Funds, as provided for in the Distribution Plan."
34-65798
21-Nov-2011
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On November 21, 2011, the SEC ordered that "the Commission staff shall transfer $45,850,882.68 of the Fair Fund to US Bank and the Fund Administrator shall distribute such money to Recipient Funds, as provided for in the Distribution Plan." According to the SEC: "The validated Payee List for the second distribution in the amount of $45,850,882.68 has been received and accepted."
34-65892
05-Dec-2011
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On December 5, 2011, the SEC ordered that "the Commission staff shall transfer $43,686,848.61 of the Fair Fund to US Bank and the Fund Administrator shall distribute such money to Recipient Funds, as provided for in the Distribution Plan." According to the SEC: "The validated Payee List for the third distribution in the amount of $43,686,848.61 has been received and accepted."
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-85017
31-Jan-2019
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On January 31, 2019, the SEC issued an order directing disbursement of fair fund stating: "[I]t is ORDERED that the Commission staff shall direct the payment of $1,249,607.33 from the Fair Fund to the Affected Funds as described in accordance the Plan."
34-99586
22-Feb-2024
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Fair Fund in the Future, Discharging the Fund Administrator, and Terminating the Fair Fund
The Commission ordered that: "A. the Fair Fund’s remaining funds, and any funds returned to the Fair Fund in the future, shall be transferred to the U.S. Treasury . . .; B. the Fund Administrator, J.H. Cohn LLP, is discharged; and C. the Fair Fund is terminated."
Other Defendants in Action:
