The Investment Industry Regulatory Organization of Canada (IIROC) announced this week that a Gravitas Securities Inc. has been fined $100,000.
“Gravitas Securities Inc. admitted that it failed to ensure that the acceptance of orders for Creative Wealth Monthly Pay Trust were either within the bounds of good business practice or suitable for certain clients,” said a statement from the regulator.
The sanctions against the firm also include disgorgement of commissions and trailer fees in the amount of $16,242.
IIROC formally initiated the investigation into Gravitas Securities Inc.'s conduct in November 2017.
