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Enforcement Roundup: October 2020

This image of a wooden gavel laying on a wooden desk with the scales of justice in the background represent enforcement actions taken by securities regulators in British Columbia.
The Enforcement Roundup is a monthly summary of enforcement activities in British Columbia taken by securities regulators.

This edition of the Enforcement Roundup covers enforcement activity in British Columbia between September and October 2020. It includes two enforcement actions from the Mutual Fund Dealers Association of Canada (MFDA), and two enforcement actions from the Investment Industry Regulatory Organization of Canada (IIROC).

MFDA Enforcement

MFDA Settlement Agreement

James Alexander Hunter

Hunter, who conducted business in the Vancouver, BC area, admitted to violating an MFDA rule when dealing with multiple client account forms.

Hunter must pay a fine of $17,500 and $2,500 in costs and must also comply with the contravened rule.

Read the news release for more details.

News Release

MFDA Reasons for Decision

Vasant Pragjibhai Patel

Patel conducted business in the Surrey, BC area and faces three sanctions. Patel has paid a $25,000 fine and has paid $5,000 in costs.

He has been permanently prohibited from conducting securities related business in any capacity while employed or associated with an MFDA Member. Read the news release for more information.

News Release

IIROC Enforcement

IIROC Sanction Order

Dwight Cameron Mann

IIROC has imposed two sanctions on Mann, including a $250,000 fine and a compliance audit of Mann and the Mann team, which will be conducted by an independent compliance auditor. Mann must also pay $50,000 in costs.

In a February 25, 2020 decision, the panel found that Mann engaged in misleading conduct in certain clients’ accounts. The panel also found that he made an unjustified promise of specific results and failed to report a client’s complaints.

Click the button below for more details.

IIROC Settlement Agreement

Paul Brum

Brum admitted he made unsuitable recommendations to two clients, and also engaged in discretionary trading in the clients’ accounts.

Brum agreed to pay a $10,000 fine, and to be prohibited from approval in any capacity for 18 months. He must also comply with a period of 12 months of close supervision upon any registration with IIROC.

Read the news release for more details.

News Release

Report a Concern

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Contact Centre 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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