Rep fined $30,000 for guaranteeing investment

On December 12, 2012, an IIROC hearing panel accepted a settlement agreement, with sanctions, between IIROC staff and Bernard Patrick King.

King admitted he twice confirmed in writing to one of his clients that the capital invested in the security ROC PREF III Corp. was guaranteed.

King also admitted that he omitted to forward to his employer, an IIROC Dealer Member, the complaints lodged by two of his clients.

Pursuant to the settlement agreement, King agreed to the following penalty:

a) A fine of $30,000; b) A 9-month period of strict supervision; and c) Successful completion of the Conduct and Practices Handbook course within six months of the panel’s decision.

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

Read the settlement agreement.

Staff

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