On August 24, 2016, an IIROC hearing panel accepted a settlement agreement, with sanctions, between IIROC staff and Michael William Sawisky. Sawisky admitted that he failed to learn essential facts about two clients and failed to ensure that securities held by and recommended to those clients were suitable for them.

Specifically, Sawisky admitted to the following violations:

  • From September 2012 through April 2015, he failed to learn and remain informed of the essential facts related to two clients, contrary to IIROC dealer member rule 1300.1(a);
  • In November 2012, he failed to ensure that a security held in one client’s account was suitable for that client, contrary to IIROC dealer member rule 1300.1 (r); and
  • From September 2012 through April 2015, he failed to ensure that his recommendations to two clients were suitable for them, contrary to IIROC dealer member rule 1300.1 (q).

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

  • Payment of a fine in the amount of $10,000;
  • A requirement to successfully re-write the exam based on the Conduct and Practices Handbook; and
  • A requirement that any future registration shall be subject to a one-year period of close supervision in addition to any supervision requirements imposed on new registrants.

IIROC formally initiated the investigation into Sawisky’s conduct in July 2014. The violations occurred while he was a registered representative with Wolverton Securities in Kewlowna, B.C. Sawisky is no longer a registrant with an IIROC-regulated firm.