On March 20, 2012, an IIROC hearing panel accepted a settlement agreement between IIROC staff and David Wilson Murdoch.
Murdoch admitted that from August 2005 to February 2008 he failed to adequately supervise registered representative David Kenneth Smith and the accounts of a client, contrary to IDA Regulation 1300.2 and Policy No. 2.
Pursuant to the settlement agreement, Murdoch agreed to the following penalty:
a) Suspension of registration from approval for 12 months as branch manager or from acting in any supervisory capacity; and
b) A $50,000 fine.
Murdoch also agreed to pay costs in the amount of $3,500.
IIROC formally initiated the investigation into Murdoch’s conduct in May 2009. The violations occurred while he was a branch manager with the Vancouver branch of Northern Securities Inc. (NSI), an IIROC-regulated firm. Murdoch is currently registered as a registered representative with the same firm.
Read the penalty summary.