Rep to pay $10,000 for faulty KYC

Following a disciplinary hearing held on March 18, 2013, in Saskatoon, Sask., a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that James Dale Lambert was liable of failing to use due diligence to learn the essential facts relative to investments in a financial product he recommended to clients, and failing to ensure they were suitable for clients.

Following penalties were imposed:

a. A global fine of $10,000

b. Successful re-write of the Conduct and Practices Examination within six months of returning to industry

c. Six months of close supervision upon return to the industry

Lambert is also required to pay costs in the amount of $3,000.

Read the penalty decision.

Also read:

Regulatory daisy chain threatens advisors

Rep fined, suspended over private placements

Rep fined over personal client dealings

IIROC loses client information

Staff

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