Following a penalty hearing held on Jan. 12, an IIROC hearing panel has permanently banned Adam William Woodward from registration in any capacity. He’s also been fined $450,000, and must pay costs in the amount of $50,000.
In a release, IIROC says it formally initiated its investigation into Woodward’s conduct in November 2015. IIROC says Woodward’s alleged violations occurred while he was a registered representative with the Calgary branch of Richardson GMP Limited, and that he’s no longer a registrant with an IIROC-regulated firm.
The penalty decision is not yet available, but IIROC said in a Dec. 1 release that, relative to seven clients, Woodward had allegedly failed to know his clients and ensure that recommendations were suitable. IIROC added he had allegedly “engaged in unauthorized discretionary trading” and “failed to ensure that clients qualified for certain prospectus exemptions before facilitating their purchase of securities.”
Further, IIROC found that Woodward had “engaged in personal financial dealings with a client.” IIROC wrote that some of his clients were seniors, adding, “The seven clients suffered substantial, and in some cases devastating losses, totalling more than half a million dollars.” Read the full release.