The Ontario Securities Commission (OSC) has dismissed a former broker’s bid for a review of an Investment Regulatory Organization of Canada’s (IIROC) hearing panel disciplinary ruling against him.
The OSC dismissed Krishna Sammy’s application after he was granted an extension to finalize his application for a review, but failed to meet the new deadline of Oct. 15.
Earlier this year, an IIROC hearing panel found that Sammy, who is no longer registered, made unsuitable recommendations to clients and advised clients to buy securities that he was simultaneously selling from his personal account without disclosing the conflict of interest.
The panel imposed a five-year suspension and ordered a $250,000 fine in the case.
See: IIROC suspends and fines advisor for conflict of interest