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Following a penalty hearing held on July 9, 2015, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalties on Bryan Andrew Vickers.

  • A fine of $20,000
  • A requirement that Vickers re-write the supervisory exam before seeking approval for promotion

Vickers is also required to pay costs in the amount of $3,000.

Pursuant to an agreed statement of facts, Vickers admitted to the following violations:

  • From April 2010 to August 2011, Vickers failed to adequately supervise a registered representative and certain of his client accounts, when the registered representative recommended certain inverse exchange-traded funds to clients, contrary to IIROC Dealer Member Rule 38.4;
  • Vickers failed to ensure that, during the relevant period, the registered representative’s recommendation to his clients to purchase the ETFs was suitable for those clients and, as a result, Vickers failed to adequately fulfill his responsibilities to supervise the registered representative; and
  • From April 2010 to August 2011, Vickers failed to use due diligence to ensure that the registered representative’s recommendations to certain of his clients were suitable based on those clients’ investment objectives and risk tolerance as recorded on their NAAFs, contrary to Dealer Member Rule 38.4.

Read the penalty decision and agreed statement of facts. Also, this penalty decision results from an appeal by Vickers of an earlier penalty decision, which was released June 19, 2014.

IIROC formally initiated the investigation into Vickers’ conduct in November 2012. The violations occurred while he was a branch manager with the London, Ontario branch of RBC Dominion Securities, an IIROC-regulated firm.  Vickers is currently a registered representative with that same branch.

Originally published on Advisor.ca

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