IIROC rep fined over unsuitable recommendations

On July 7, 2015, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Geraldine Mannings.

IIROC says Mannings admitted she made unsuitable recommendations regarding the purchase and holding of securities in several clients’ accounts. Specifically, according to the settlement agreement, Mannings admitted to the following violations:

• between approximately January 2012 and June 30, 2013, Mannings failed to use due diligence to ensure that the recommendations that she made in relation to the accounts of one client were suitable, contrary to IIROC Dealer Member Rule 1300.1(q); and
• between approximately January 2012 and June 30, 2013, Mannings failed to use due diligence to ensure that the recommendations that she made in relation to the accounts of two clients were suitable for each client, contrary to IIROC Dealer Member Rule 1300.1(q)

Pursuant to the settlement agreement, Mannings agreed to a fine in the amount of $35,000 and costs in the amount of $5,000.

Click here to read the settlement agreement.

IIROC formally initiated the investigation into Mannings’ conduct in December 2013. The violations occurred while she was a registered representative with the Nelson branch of CIBC World Markets Inc., an IIROC regulated firm. Mannings is no longer a registrant with an IIROC-regulated firm.

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