IIROC fines Calgary advisor $70,000By The IJ Staff | October 09 2018 01:30PM
The Investment Industry Regulatory Organization of Canada (IIROC) announced today that it has fined Calgary advisor Shafique Hirani (a.k.a Shafik Hirani) $70,000.
IIROC says, “Hirani permitted or directed staff to fill in pre-determined investment profiles on account forms for approximately 364 clients. In some cases, this included inserting the profiles into partially completed forms that had already been signed by the clients. He also failed to take appropriate care in his handling of his client's personal information.”
In addition to the fine, Hirani has also suspended him for three months beginning Nov. 2, 2018 and will then be under a period of close supervision for six months.
He also must successfully rewrite the Conduct and Practices Handbook exam and pay costs in the amount of $15,000.
To learn more, consult the Settlement Agreement.