IIROC fines two brokers over “stable” investments

By Staff | January 9, 2012 | Last updated on January 9, 2012
1 min read

On December 9, 2011, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted the settlement agreements entered into between IIROC staff and Robert Werner Schiesser and Jeffrey Roderick McCrimmon.

In the settlement agreement, Schiesser admitted to the following violations:

Between July 2007 and March 2009, while a registered representative at Canaccord Genuity Corp., he:

(a) Engaged in conduct unbecoming contrary to Dealer Member Rule 29.1 by soliciting and facilitating investments in a private placement by Aspen Racing Stables Inc. to 49 clients, without the knowledge of Canaccord Genuity Corp. and in contravention of existing firm policies; and

(b) Engaged in conduct unbecoming contrary to Dealer Member Rule 29.1 by having an undisclosed indirect financial interest in Aspen.

Pursuant to the settlement agreement, Schiesser agreed to pay a fine to IIROC in the amount of $45,000.00, plus costs in the amount of $4,500.00.

In the settlement agreement, McCrimmon admitted to the following violation:

Between July 2007 and March 2009, while a Registered Representative at Canaccord Genuity Corp., he:

(a) Engaged in conduct unbecoming contrary to Dealer Member Rule 29.1 by soliciting and facilitating investments in a private placement by Aspen Racing Stables Inc. to 49 clients, without the knowledge of Canaccord Genuity Corp. and in contravention of existing firm policies.

Pursuant to the settlement agreement, McCrimmon agreed to pay a fine to IIROC in the amount of $15,000.00, plus costs in the amount of $1,500.00.

Read the settlement agreement for Schiesser and McCrimmon.

Advisor.ca staff

Staff

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