The Investment Industry Regulatory Organization of Canada (IIROC) has sanctioned a former Raymond James Ltd. advisor for unauthorized discretionary trades in a client's account.
Following a disciplinary hearing held on June 27, an IIROC panel found that from October 2007 to April 2009, Gary Beck effected discretionary trades in a client's account, without the account being designated as such.
In its decision dated, July 17, the panel imposed the following penalty on Beck:
- a $20,000 fine;
- disgorgement of profits of $3,315;
- close supervision for 12 months, should he return to the industry; and
- re-write the CPH exam within six months of any return to the industry.
Beck is also required to pay $15,000 in costs.
IIROC formally initiated the investigation into Beck's conduct in December 2009. The alleged violation occurred when he was a registered representative with the Orangeville, Ont. branch of Raymond James. Beck is no longer a registrant with an IIROC-regulated firm.