IIROC rep fined $48,000

Following a penalty hearing on February 25, 2014, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalties on Catherine Deborah Jones:

(a) a three-month suspension, followed by one year of strict supervision; and

(b) a fine of $48,000.

Jones is also required to pay costs in the amount of $15,000.

In a decision dated December 16, 2013, the hearing panel found Jones engaged in discretionary trading, and that she made unsuitable recommendations in a client’s account.

IIROC also found Jones misrepresented the nature of some of those orders by marking them as unsolicited, adding she communicated with the same client using an email address not approved by the firm.

IIROC formally started the investigation into Jones’ conduct in February 2011. The violations occurred when she was a registered representative with the Vancouver office of Leede Financial Markets Inc., an IIROC-regulated firm. Jones is currently a registered representative with the Vancouver office of Global Securities Corporation, an IIROC-regulated firm.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.