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On July 28, 2015, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Amandeep Gill.

IIROC says Gill admitted that he was involved in the false endorsement of a client signature, and misrepresentations regarding the holdings and activity in two client accounts.

Specifically, Gill admitted to the following violations:

  • On or about June 10, 2013, Gill signed the signature of a client on an account form without the client’s express consent and without approval from his firm, contrary to Dealer Member Rule 29.1;
  • On or about May 30, 2013, Gill made misrepresentations to a client regarding the existence of shares in a client’s account, contrary to Dealer Member Rule 29.1; and
  • On or about May 2, 2013, Gill made misrepresentations to a client regarding the sale of shares in a client’s account, contrary to Dealer Member Rule 29.1.

Pursuant to the settlement agreement, Gill agreed to the following penalties.

  • A fine in the amount of $30,000
  • A nine-month suspension from registration with IIROC
  • Close supervision for 12 months upon registration in any capacity with IIROC
  • A requirement to successfully rewrite the Conduct and Practices Handbook exam prior to any re-registration with IIROC

Gill also agreed to pay costs in the amount of $2,500.

Read the settlement agreement.

IIROC formally initiated the investigation into Gill’s conduct in October 2013.  The conduct occurred while he was a registered representative with the Vancouver branch of BMO InvestorLine Inc., an IIROC-regulated firm. Gill is no longer a registrant with an IIROC-regulated firm.

Originally published on Advisor.ca

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