Regulatory

Advisor banned for theft…from mother

The discipline committee of Quebec’s Chambre de sécurité financière has issued a permanent ban against an advisor who stole $48,000 from the account of his mother. Jean Alix Balan Junior, who practiced as a mutual fund rep in the greater Montreal area, took out a $50,000 line of credit in his mother’s name without her […]

By Staff |June 17, 2011

1 min read

IIROC slaps ex-advisor with $1 million fine

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has fined Mark Allen Dennis more than $1 million after finding that he misappropriated a client’s money and failed to co-operate with IIROC’s investigation. In issuing its decision, the panel imposed a penalty of: • $1 million fine for the misappropriation; • $25,000 […]

By Staff |June 16, 2011

1 min read

Supervisory lapse costs $25,000 fine

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Randall Glen Bergh. With this agreement Bergh admits to failing to adequately perform his supervisory duties. Bergh has agreed to a penalty of a $22,000 fine and $3,000 in costs. The penalty […]

By Staff |June 13, 2011

1 min read

IIROC levies $10,000 fine for client pay-off

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a $10,000 fine against Bryan Dale Claggett. The penalty decision follows the panel’s earlier decision, dated April 4, 2011, which found that Claggett violated an IIROC rule when, without his firm’s knowledge, he attempted to settle a client complaint by paying […]

By Staff |June 13, 2011

1 min read