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 Settlement Agreement
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.
IIROC Settlement Agreement
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.
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 the BCSC’s online complaint form.
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