IIROC rep fined $90,000

IIROC has issued a $90,000 fine to a National Bank Financial executive for contravening a rule related to trades in the domestic debt market.

On Feb. 1, an IIROC hearing panel fined Sean St. John, vice-president, managing director and co-head of fixed income at National Bank Financial, $90,000 for failing to act fairly in executing and administering trades in the domestic debt market. He’s also agreed to pay $10,000 in costs.

According to the settlement agreement, St. John’s misconduct occurred in September 2012 when National Bank Financial, his employer, was acting “as co-lead of the syndicate for a new issue of Company A Debentures,” says IIROC.

The SRO’s investigation was conducted in February 2015.

Read the settlement agreement.

Staff

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