A hearing panel of the Investment Industry Regulatory Organization of Canada has found that a former representative at Argosy Securities Inc. violated IIROC rules by making discretionary trades in a client account that was not a discretionary account.

The violation occurred between September 2006 and February 2007, while Savitri Shamseer was a registered rep at Argosy.

Specifically, Shamseer made 19 discretionary trades in a client’s account without first having the account approved and accepted as a discretionary account.

In its decision dated January 24, the panel imposed a penalty calling for Shamseer to:

> be subject to a six-month suspension from registration in any capacity with IIROC, for the period January 28, 2011 to July 27, 2011;
> pay a $50,000 fine;
> successfully complete the examination based on the Conduct and Practices Handbook Course before re-registration in any capacity with IIROC;
> work under strict supervision for 12 months from the date registered with IIROC;
> work under close supervision for the subsequent six months; and
> pay $5,000 in costs.

IIROC began investigating Shamseer’s conduct on February 6, 2008, after receiving a client complaint.

Shamseer is no longer with an IIROC-regulated firm.