On January 30, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between IIROC staff and James Wenman.

Wenman admitted that between June 2008 and January 2009 he engaged in undisclosed personal financial dealings with a client by loaning his client money on three separate occasions without the consent of his firm, contrary to IIROC dealer member Rule 29.1.

Pursuant to the settlement agreement, Wenman agreed to the following penalty:

a) A fine in the amount of $10,000;

b) To retake and successfully complete Conduct and Practices Handbook Course before seeking registration with IIROC again; and

c) If registered with IIROC in the future, be subject to a one year period of close supervision by his firm, in addition to any period of supervision required of a newly registered approved person.

Wenman also agreed to pay costs in the amount of $2,500.

Read the settlement agreement.

IIROC formally initiated the investigation into Wenman’s conduct in February 2010. The violations occurred when he was a registered representative with the Victoria, British Columbia branch of Canaccord Genuity Corp., an IIROC-regulated firm. Wenman is no longer a registrant with an IIROC-regulated firm.