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 fine;
(b) Disgorgement of profits of $3,315;
(c) Close supervision for 12 months, should he return to the industry; and
(d) Re-write the CPH exam within six months of any return to the industry
He’s also required to pay costs in the amount of $15,000.
IIROC formally initiated the investigation into Mr. Beck’s conduct in December 2009. The alleged violation occurred when he was a registered representative with the Orangeville, Ontario branch of Raymond James Ltd. Beck is no longer a registrant with an IIROC-regulated firm.
Read the panel’s decision.