A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has sanctioned both Richardson GMP Limited (RGMP) and Blair Robert Pytak, announced the regulator July 3.
Richardson GMP Limited and Mr. Pytak admitted to the following contraventions. Between July 2011 and October 2015, RGMP failed to supervise the activities of Preston Henry Smith, and between August 2012 and December 2015, failed to supervise the activities of Adam William Woodward.
The regulator added that between June 2013 and November 2015, RGMP failed to establish and maintain adequate internal controls relating to certain options trading.
As part of the settlement agreement with IIROC, Richardson GMP Limited agreed to a fine of $500,000 and agreed to pay costs in the amount of $50,000. Pytak has been fined $24,000; and received a two-year prohibition on approval as a Supervisor. He must re-write the Branch Managers' Examination prior to being approved as a supervisor.
The conduct occurred while Pytak was a Supervisor and Registered Representative with the Calgary branch of Richardson GMP Limited. He is currently a Registered Representative at this branch. To learn more, consult the settlement agreement here.
