On June 25, 2012, an IIROC hearing panel accepted a settlement agreement between IIROC staff and Wellington West Capital Inc., which is now National Bank Financial Inc.
Wellington admitted in March 2006 it failed to properly process and price the sale of Opti Canada shares to clients.
It also failed to make all reasonable inquiries into a registered representative’s conduct in relation to the purchase of the shares and the subsequent allocation of the units to clients.
Pursuant to the Settlement Agreement, Wellington agreed to a $60,000 fine. Wellington also agreed to pay costs in the amount of $5,000.
IIROC formally initiated the investigation into Wellington’s conduct in November 2010.