A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has sanctioned Thomas William Dunn, a Winnipeg investment advisor, with a fine of $25,000 and a five-month suspension and costs of $5,000.
Dunn admitted that he “failed to know two of his clients, and he engaged in trading that was inconsistent with good business practices and not suitable for these clients,” said IIROC in an April 2 statement.
Specifically, between November 2010 and October 2015, he engaged in excessive trading in the accounts of two clients, and failing to use due diligence to learn and remain informed of the essential facts relative to two clients.
To learn more, consult the settlement agreement here.
