Following a disciplinary hearing held on August 26, 2014, in Toronto, Ontario, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has barred and fined Mark Fridgant.
The panel found he was liable for providing fictitious portfolio statements to two sets of clients, as well as for making inaccurate statements about their holdings of these clients when questioned by representatives of his Dealer Member firm.
Specifically, the hearing panel found Fridgant committed the following violations:
- Between November 2005 and November 2012, he provided fictitious portfolio statements to two sets of clients which misrepresented the total value of their account holdings, contrary to IIROC Dealer Member Rule 29.1 (IDA By-law 29.1 prior to June 1, 2008); and
- In November 2012, Fridgant made inaccurate statements and misrepresented the holdings of these clients when questioned by representatives of his dealer member firm, contrary to IIROC Dealer Member Rule 29.1 (IDA By-law 29.1 prior to June 1, 2008).
The panel imposed the following penalties on Fridgant:
- A permanent bar on his approval with IIROC; and
- A global fine in the amount of $75,000.
Fridgant is also required to pay costs in the amount of $50,000.
IIROC formally initiated the investigation into Fridgant’s conduct in February 2013. The violations occurred while he was a registered representative with the Toronto, Ontario branches of PI Financial Corp., Jennings Capital Inc. and Canaccord Capital Corporation, all IIROC-regulated firms.
Fridgant is no longer a registrant with an IIROC-regulated firm.