On December 5, 2016, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Walter Nick Silicz.

Silicz admitted that he failed to effectively exercise supervisory responsibilities over certain client accounts of former registered representative Donald Earl Phillips.

Specifically, Silicz admitted to the following violations:

(a) Between December 2005 and October 2008, Silicz as branch manager failed to adequately supervise 18 client accounts at his branch, contrary to IIROC Dealer Member Rules 1300.2 and 2500 (Investment Dealer Association by-law 1300.2 and Policy No. 2 prior to June 1, 2008).

Pursuant to the settlement agreement, Silicz agreed to the following penalties:

(a) A fine in the amount of $30,000; and

(b) A two-year suspension from acting in a supervisory capacity.

Silicz also agreed to pay costs in the amount of $10,000.

Read the settlement agreement.

IIROC formally initiated the investigation into Silicz’s conduct in August 2013. The violations occurred while he was a branch manager with the Winnipeg branch of Wellington West Capital Inc., now known as National Bank Financial Ltd. Silicz is still currently registered with the Winnipeg branch of National Bank Financial Ltd., as a registered representative and portfolio manager.