In May, the BC Securities Commission (BCSC) issued one notice of hearing and the Investment Industry Regulatory Organization of Canada (IIROC) released two penalty decisions relating to BC residents. The Mutual Fund Dealers Association (MFDA) did not release any decisions or settlement agreements during May relating to BC residents.
You can find a summary of some of the recent matters below.
An IIROC panel fined Jones $48,000 and ordered costs of $15,000. The panel also suspended Jones from IIROC registration for three months followed by one year of strict supervision.
The panel imposed these sanctions after finding in an earlier decision released in January 2014 that Jones engaged in discretionary trading, made unsuitable recommendations in a client’s account and misrepresented information to the client.
An IIROC panel fined Moldovan and Holmes $100,000 each and ordered each of them to pay costs of $25,000. The panel also banned Moldovan and Holmes from IIROC registration for three years.
The panel imposed these sanctions after Moldovan and Holmes admitted that in September and October 2008, they failed to use due diligence
- to learn and remain informed of the essential facts relative to each accepted order, and
- to ensure that recommendations were suitable for their clients.
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