On November 3rd, 2015, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Robert Connor.
Connor admitted that he made unsuitable recommendations in a client’s account, compensated clients without his member firm’s knowledge, made unauthorized trades and engaged in discretionary trading.
Specifically, Connor admitted to the following violations:
(a) During the period between March 2011 and September 2012, Robert Connor made unsuitable recommendations in a client’s account, contrary to IIROC Dealer Member Rule 1300.1 (q);
(b) During the period between October 2010 and August 2012, Robert Connor compensated clients without his member firm’s knowledge, contrary to IIROC Dealer Member Rule 29.1;
(c) During the period between October 2010 and August 2012, Robert Connor made unauthorized trades in clients’ accounts, contrary to IIROC Dealer Member Rule 29.1; and
(d) During the period between October 2010 and August 2012, Robert Connor engaged in discretionary trading in client accounts, without the accounts having been accepted or approved as discretionary accounts, contrary to IIROC Dealer Member Rule 1300.4.
Pursuant to the settlement agreement, Connor agreed to the following penalties:
a) Payment of a fine in the amount of $30,000;
b) A one-year suspension from registration in any capacity;
c) To re-write the Conduct and Practices Handbook upon any re-registration; and
d) 12 months of close supervision upon any re-registration.
Connor also agreed to pay costs in the amount of $10,000.
Read the settlement agreement.
IIROC formally initiated the investigation into Connor’s conduct in December 2012. The violations occurred while he was a registered representative with the Barrie, Ontario branch of Scotia Capital Inc., an IIROC-regulated firm. Connor is no longer a registrant with an IIROC-regulated firm.