(September 1 – 10:00 ET) – The Ontario Securities Commission has issued a seven-year trading ban against Clifford Paul Tindall, former vice president and salesperson of the now-defunct Fortune
Financial Corp. His registration has been terminated.
Tindall was also reprimanded. The trading ban does not cover trading for his own account, or his RRSP. The OSC will also ask him to pay costs after hearing submissions from his and the OSC’s counsel.
The OSC panel made a number of findings: he recommended an unsuitable investment to clients; herecommended an unsuitable stock to clients; other assorted regulatory housekeeping violations, such as not properly documenting client accounts.
Earlier this year Fortune Financial’s founder David Singh reached a settlement with the OSC, that resulted in a five-year trading ban, a four-year ban against acting as a corporate officer, and $25,000 in investigation costs. The allegations against him centered on his failure to supervise Tindall.