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Representative convicted for theft from a client banned from the securities business

By Kate McCaffery | Dec. 5, 2023, 10:19 a.m.

Regulator stops short of imposing monetary penalty, saying conviction is sufficient for general deterrence.

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MUTUAL FUND DEALERS ASSOCIATION OF CANADA (MFDA)

Repeat offender thrown out of the industry permanently

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Representative fined $125,000 and banned for accepting power of attorney

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CIBC

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CANADIAN INVESTMENT REGULATORY ORGANIZATION (CIRO)

Agent who defrauded retired couple banned from securities registration

Mutual fund rep fined close to $1.7-million

Sanctions for pre-signed forms levied against former Fredericton rep

Firm fined $1.5 million for failing to supervise trading activity

Fraud

Claim exaggerations are the most common form of fraud

The number of stolen vehicles in Canada remained stable in 2023

Former approved person fined $2.5-million and thrown out of the industry for fraud

Representative thrown out of the industry 10 years for outside activities

Disciplinary Decisions

Inactive agent with an active license fined for not maintaining liability insurance

Supervisors fined when licensee leaves client uninsured for months

Agency fined $20,000 for repeatedly allowing unlicensed activity

Missing continuing education, lapsed liability insurance nets $4,000 fine