Krishna Sammy’s appeal dismissed by OSCpar The IJ Staff | May 31 2017 09:45AM
The Ontario Securities Commission (OSC) announced May 30 that it has dismissed former investment advisor Krishna Sammy’s appeal of a hearing panel decision by the Investment Industry Regulatory Industry of Canada (IIROC).
The hearing panel’s decision, dated Jan. 18, 2016, found Sammy had placed himself in a position of conflict of interest with his clients for recommending that they purchase securities in their accounts when, at the same time and without the knowledge of his clients, he was selling his own personal holdings of these securities.
In addition, the Hearing Panel found Sammy had made investment recommendations that were not suitable for several of his clients, based on their risk tolerance.
On May 4, 2016, Sammy was sanctioned with a $250,000 fine, $75,000 in costs, and a five-year ban from approval with the IIROC, with the condition that he cannot be considered for re-approval until he has paid the fine and costs imposed, or has made arrangements satisfactory to the IIROC to do so.