(August 31 – 12:30 ET) – The Newfoundland District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Warren Randell Babb, formerly a registered representative at Richardson Greenshields of Canada Limited and then Midland Walwyn Capital Inc. Babb is not currently approved for employment with any member of the Association.
The District Council concluded Babb engaged in conduct unbecoming a registered representative, or detrimental to the public interest.
In July 1996, Babb failed to sell a certain holding from the account of a client, causing the client to incur a loss. The client complained to Babb, who acknowledged his error, but failed to advise his employer of the error and the subsequent client complaint.
Babb also failed to advise a subsequent employer of the outstanding dispute when he transferred employment in December 1996. Without authorization from either employer, Babb promised to compensate the client. To reassure the client that compensation was forthcoming, Babb sent a series of letters to the client that misquoted the account balances.
Babb was fined $10,000.00, given a suspension of approval for six months. He must pay the fine and investigation costs. Prior to re-approval, he must successfully complete the Conduct and Practices Handbook Course exam and will be subject to strict supervision for a period of twelve months.
-IE Staff