Rep fined $25,000 for failure to supervise

An IIROC hearing panel has accepted a settlement agreement, with sanctions, between the regulator and Assante advisor Linda Kennedy.Kennedy, who works in Hamilton, Ont., admitted to conduct involving the supervision of registered representative Alistair Melville’s activities.

Specifically, Kennedy admitted to the following violation:

(a) From September 2010 to December 2012, she failed to adequately supervise the account activity in an external account held by registered representative Alistair Melville (also an Assante employee) at another dealer member firm, contrary to IIROC Dealer Member Rules 38.4 (a) and 2500.

Pursuant to the Settlement Agreement, Kennedy agreed to the following penalty: (a) Payment of a fine in the amount of $25,000. She also agreed to pay costs in the amount of $1,000.

View the settlement agreement.

According to IIROC’s Advisor Report database, Alistair Melville is no longer a registered representative.