Authorities had a hectic day. They dealt some hefty penalties to several associates for fraudulent activity. Here’s our roundup of the scammers and scoundrels.
3 B.C. men illegally traded securities
A British Columbia Securities Commission panel has found three B.C. men, along with a parking technology company, illegally distributed securities. They raised approximately $3.5 million from investors who didn’t qualify for exemptions from securities laws.
Former Wellington West rep fined $120,000
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.
Former rep fined $25,000 for falsifying documents
IIROC found 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 account application, and was also found liable for making misleading statements to his employer.
Broker fined for borrowing client money
FINRA accepted and handed out a $2,500 fine and 10-business-day suspension from association with any FINRA member to Gregory M. Viechnicki, a a general securities representative at BrokersXpress. He thought he could get away with borrowing money from a public customer of the firm. How wrong he was.