A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Randall Glen Bergh.
With this agreement Bergh admits to failing to adequately perform his supervisory duties. Bergh has agreed to a penalty of a $22,000 fine and $3,000 in costs. The penalty also prohibits him from acting in a supervisory capacity for one year.
Specifically, Bergh admits that while working as a branch manager, he approved the opening of new client accounts without adequately questioning whether the risk tolerance and investment objective information was consistent with the clients’ age, net worth, investment experience and knowledge, contrary to IIROC Rules 1300.2(a), 2500 and 29.1.
IIROC began the investigation into Bergh’s conduct in September 2010. The violations occurred from September 2004 to October 2005, when he was the branch manager at the Calgary branch of Blackmont Capital Inc., now known as Macquarie Private Wealth Inc. Bergh is presently a registered representative with the Calgary branch of Macquarie Private Wealth Inc., an IIROC-regulated firm.