fines

Portus settles with OSC

Ontario Securities Commission has approved settlement with Boaz Manor and other key figures in the multimillion-dollar Portus financial scandal.

By Wire services |August 27, 2012

1 min read

Tax News

Business owner evades tax; fined $170,000

An Ontario business owner has been convicted of tax evasion.

By Staff |August 16, 2012

1 min read

Industry

Rep violates anti-money laundering rules; fined $10,000

A B.C. advisor has been fined $10,000 for failing to comply with anti-money laundering legislation.

By Staff |August 3, 2012

2 min read

Industry

Fake rep gets $10,000 fine

A Quebec woman has been fined $10,000 for misrepresenting herself as a Registered Representative.

By Staff |August 2, 2012

1 min read

Industry

Sales rep fined for unauthorized online trading

The MFDA approved a settlement hearing in the matter of Ahsan Hanif Ladha, a former mutual fund salesperson at TD Investment Services. He admitted that between June 2009 and June 2010, he engaged in unauthorized online securities trading. As stated in the agreement, in two separate cases Ladha obtained client passwords and personally conducted their […]

By Staff |August 1, 2012

1 min read

Industry

Former Raymond James rep fined, disgorged

An IIROC hearing panel found Gary Beck made discretionary trades in a client’s account without approval. From October 2007 to April 2009, he made the trades without the account having been approved and accepted as a discretionary account, contrary to IDA Regulation 1300.4. The hearing panel imposed the following penalty on Beck: (a) A $20,000 […]

By Staff |July 27, 2012

1 min read

Industry

Ontario rep fined $20,000 for unauthorized trading

An IIROC hearing panel has accepted a settlement agreement including sanctions between its staff and Michael Reid Ast. Ast admitted to engaging in discretionary trading over two decades—with clients’ consent, but without obtaining the necessary prior written authorization from the clients or his firm. Ast confessed to the following violation: Between 1991 and 2009, he […]

By Staff |July 26, 2012

1 min read

Industry

Broker plows through FINRA guardrail

Former stockbroker Patrick Alan Deramus was charged with a DUI, but took eight months to report the felony to his now former employer, FSC Securities Corporation. Read: Professionals failing to report fraud On March 12, 2010, FSC filed an amended Form U4 reporting Deramus’s felony charge and conviction. Immediately after, Deramus was subject to statutory […]

By Staff |July 20, 2012

1 min read

Industry

Former rep fined $25,000 for falsifying documents

Following a disciplinary hearing held on Wednesday, May 23, 2012, in Manitoba, a hearing panel of the Investment Industry Regulatory Organization of Canada found that Douglas Michael Warkentin liable of falsifying a personal account statement from CIBC Wood Gundy. He submitted the document to his firm, Wellington West Capital, as part of a leverage loan […]

By Staff |July 20, 2012

1 min read

Industry

Broker fined for borrowing client money

On April 6 2010, Gregory M. Viechnicki, a general securities representative at BrokersXpress borrowed $10,000 from a public customer of the firm. Although he subsequently paid back the $10,000 with interest, he violated the NASD Conduct Rule 2370: Borrowing from or Lending to Customers and the FINRA Rule 2010: Standards of Commercial Honor and Principles […]

By Staff |July 20, 2012

1 min read

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