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Former Edmonton rep fined $100,000

Former Edmonton rep fined $100,000

Fiona Collie Keywords EnforcementCompanies Investment Industry Regulatory Organization of Canada BFI investors plead for firm’s sale Related news Share this article and your comments with peers on social media The Toronto-based Investment Industry Regulatory Organization of Canada (IIROC) has fined Charles Floyd of Edmonton $100,000. A hearing panel in January 2013, found that Floyd had made unsuitable recommendations and unauthorized discretionary trades for a client in 2008. As well, the same hearing panel found that Floyd’s branch manager, James Gordon MacDonald, failed to properly supervise the account. Edmonton rep made unsuitable recommendations: IIROC In addition to the fine, IIROC ordered Floyd to disgorge $5,860 and permanently banned him from registration. As well, Floyd must pay $15,000 in costs. In the case of MacDonald, IIROC levied a $35,000 against the former manager and suspended him from acting as a branch manager for one year. MacDonald must also rewrite and pass the Conduct and Practices Handbook exam and the Branch Managers Course before being reinstated as a branch manager. MacDonald must also pay $5,000 in costs. Facebook LinkedIn Twitter PwC alleges deleted emails, unusual transactions in Bridging Finance case Mouth mechanic turned market manipulator read more