Rep fined $110,000, suspended

By Staff | November 19, 2012 | Last updated on November 19, 2012
1 min read

On October 31, 2012, an IIROC hearing panel issued a settlement agreement, with sanctions, between IIROC staff and Ronald Lann.

Lann admitted he failed to use due diligence to remain informed of the essential facts relative to clients, as well as to ensure the acceptance of orders was suitable for clients. Moreover, Lann admitted he engaged in discretionary trading and in improper sales practices by excessively trading in client accounts.

Pursuant to the settlement agreement, Lann agreed to the following penalties:

a) An $110,000 global fine, including disgorgement of profit of $80,000;

b) A suspension from any registered capacity with IIROC for a period of three (3) years;

c) Must successfully re-write the examination based on the Conduct and Practices Handbook course, as a condition of re-registration;

d) Strict supervision for 18 months, should he return to the industry.

He also agreed to pay costs in the amount of $5,000.

IIROC formally initiated the investigation into Lann’s conduct in May 2011. The violations occurred when he was a registered representative with the Montreal Branch of Scotia Capital, an IIROC-regulated firm. He’s no longer a registrant with an IIROC- regulated firm. staff


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