IIROC fines former Winnipeg advisor $100,000 plus costspar The IJ Staff | October 17 2018 11:30AM
The Investment Industry Regulatory Organization of Canada (IIROC) has suspended Edward Peter Bodnarchuk, a former Winnipeg advisor, for 18 months and imposed a fine of $100,000 plus $20,000 in costs.
He will also be under strict supervision for 12 months upon any re-registration and would need to successfully complete the CPH examination, said IIROC in a statement Oct 16.
In an earlier decision dated June 22, 2018, an IIROC Hearing Panel found that Bodnarchuk “failed to know two clients, made unsuitable recommendations, engaged in discretionary trading, and failed to notify his employer of an existing, or potential, conflict of interest.”
IIROC formally initiated the investigation into Bodnarchuk's conduct in October 2013. The violations occurred while he was a Registered Representative with the Winnipeg branch of National Bank Financial Ltd., and the Winnipeg branch of PI Financial Corp., both of which are IIROC-regulated firms. Bodnarchuk is no longer a registrant with an IIROC-regulated firm.
To learn more, consult the Hearing Panel’s decision on the regulator’s site.