CIBC World Markets to pay $85,000 fine

By Staff | August 9, 2012 | Last updated on August 9, 2012
1 min read

On July 24, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between its staff and CIBC World Markets Inc.

CIBC admitted from May 2005 to October 2008, it failed to effectively exercise its supervisory responsibilities. It let unsuitable options trades—not suitable for two clients—slip through the cracks.

The bank agreed to a fine of $85,000, and will pay costs to IIROC in the amount of $10,000.

IIROC formally initiated the investigation into CIBC’s conduct in August 2010. staff


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