IIROC fines former advisor $470,000By The IJ Staff | March 08 2018 11:30AM
An Investment Industry Regulatory Organization of Canada (IIROC) Hearing Panel has fined former Winnipeg investment advisor Gennaro Scerbo $420,000 for forging his spouse’s signature on account documents to misappropriate $271,000 from her investment account, announced the regulator March 7. Scerbo was fined an additional $50,000 for failing to cooperate with IIROC’s investigation.
Scerbo has also been permanently banned from registering with the IIROC under any capacity, and is required to pay costs in the amount of $15,000.
IIROC says the violations occurred while Scerbo was a registered representative with the Winnipeg branch of RBC Dominion Securities. Scerbo is no longer registered with an IIROC-regulated firm.
The penalty decision can be found on IIROC’s website.