Enforcement Roundup: January 2021

January’s edition of the Enforcement Roundup includes one enforcement action from the Mutual Fund Dealers Association of Canada (MFDA), and one settlement agreement from the Investment Industry Regulatory Organization of Canada (IIROC).

MFDA Enforcement

MFDA Settlement Agreement

Vanessa Sjostrom

Sjostrom, who conducted business out of the Campbell River, BC area, admitted to contravening the MFDA’s Know Your Client rule.

As a result, Sjostrom has been prohibited for three years from conducting securities-related business in any capacity while in employ of, or associated with an MFDA Member. She must also pay $5,000 in costs and comply with the contravened rule in the future.

Read the news release for full details.

News Release

IIROC Enforcement

IIROC Settlement Agreement

Glenn Molson

Molson admitted he failed to follow his firm’s account opening and client verification procedures and thereby failed to follow IIROC’s Know Your Client rules.

Molson agreed to pay a $10,000 fine and $1,000 in costs.

The settlement agreement also took into account that Mr. Molson paid a $5,000 internal fine and was required to rewrite the Conduct and Practices Handbook course, both of which he has completed.

Read the new release for full details.

News Release

Report a Concern

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393, or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using BCSC’s online complaint form.

InvestRight.org is the British Columbia Securities Commission’s investor education website. Subscribe to receive email updates from BCSC InvestRight.

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Enforcement Roundup – December 2020

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Enforcement Roundup – November 2020

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The January 2021 edition of the Enforcement Roundup summarizes enforcement activities in British Columbia taken by the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC).

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The January 2021 edition of the Enforcement Roundup summarizes enforcement activities in British Columbia taken by the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC).