A Quebec woman has been fined $10,000 for misrepresenting herself as a Registered Representative.
The MFDA approved a settlement hearing in the matter of Ahsan Hanif Ladha, a former mutual fund salesperson at TD Investment Services. He admitted that between June 2009 and June 2010, he engaged in unauthorized online securities trading. As stated in the agreement, in two separate cases Ladha obtained client passwords and personally conducted their […]
An IIROC hearing panel found Gary Beck made discretionary trades in a client’s account without approval. From October 2007 to April 2009, he made the trades without the account having been approved and accepted as a discretionary account, contrary to IDA Regulation 1300.4. The hearing panel imposed the following penalty on Beck: (a) A $20,000 […]
An IIROC hearing panel has accepted a settlement agreement including sanctions between its staff and Michael Reid Ast. Ast admitted to engaging in discretionary trading over two decades—with clients’ consent, but without obtaining the necessary prior written authorization from the clients or his firm. Ast confessed to the following violation: Between 1991 and 2009, he […]
Former stockbroker Patrick Alan Deramus was charged with a DUI, but took eight months to report the felony to his now former employer, FSC Securities Corporation. Read: Professionals failing to report fraud On March 12, 2010, FSC filed an amended Form U4 reporting Deramus’s felony charge and conviction. Immediately after, Deramus was subject to statutory […]
Following a disciplinary hearing held on Wednesday, May 23, 2012, in Manitoba, a hearing panel of the Investment Industry Regulatory Organization of Canada found that Douglas Michael Warkentin liable of falsifying a personal account statement from CIBC Wood Gundy. He submitted the document to his firm, Wellington West Capital, as part of a leverage loan […]
On April 6 2010, Gregory M. Viechnicki, a general securities representative at BrokersXpress borrowed $10,000 from a public customer of the firm. Although he subsequently paid back the $10,000 with interest, he violated the NASD Conduct Rule 2370: Borrowing from or Lending to Customers and the FINRA Rule 2010: Standards of Commercial Honor and Principles […]
In a decision on October 6, 2011, an IIROC hearing panel found Carolann Steinhoff, former rep at Wellington West Capital, acted contrary to IIROC rules. She made discretionary purchases in a client’s account, practiced unsuitable use of margin and unsuitable investments for clients. When her firm’s compliance department questioned the purchases, Steinhoff told them the […]
Friday the 13th was indeed bad luck for several ex-associates from various firms. They’re being forced to pay hefty fines for outsider dealing. Here’s our roundup of these woeful employees. Former Investia rep fined $150,000 A disciplinary hearing in the matter of Punch Bun Chiu Lui, a mutual fund salesperson with Investia Financial Services, found […]
A hearing panel of the Central Regional Council of the MFDA has issued Reasons for Decision, in connection with the disciplinary on June 1, 2012 in the matter of Jeffrey Murray Willis. Willis was registered in Ontario as a mutual fund salesperson with IPC Investment Corporation from August 6, 1999 to May 31, 2009, and […]