The Investment Industry Regulatory Organization of Canada announced Aug. 12 that two former investment advisors from New Brunswick have been fined.
Christopher Mark and David John Reid admitted they engaged in discretionary trading in client accounts without the accounts having been preauthorized and accepted as discretionary accounts, said the regulator.
David John Reid has been fined $40,000 and has been banned for a period of 30 months effective March 2018. In the event of reapproval with IIROC, he will be subject to 12 months of close supervision. He has also been sanctioned with costs of $2,500.
Christopher Mark Reid has been fined $30,000 and costs of $2,500. He has also been banned for 16 months, effective March 2018 and will be subject to six months of close supervision in the event of reapproval.
The violations occurred when they were both Registered Representative with the St-John branch, New Brunswick, of BMO Nesbitt Burns Inc. They are no longer registrants with an IIROC-regulated firm.
