IIROC

Former Raymond James rep fined, disgorged Fallback Image Decorative pattern

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

Ontario rep fined $20,000 for unauthorized trading Fallback Image Decorative pattern

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

Former rep fined $25,000 for falsifying documents Fallback Image Decorative pattern

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

Former Wellington West rep fined $120,000 Fallback Image Decorative pattern

Industry

Former Wellington West rep fined $120,000

In a decision on October 6, 2011, an IIROC hearing panel found Carolann Steinhoff, former rep at Wellington West Capital, acted contrary to IIROC rules. She made discretionary purchases in a client’s account, practiced unsuitable use of margin and unsuitable investments for clients. When her firm’s compliance department questioned the purchases, Steinhoff told them the […]

By Staff |July 20, 2012

2 min read