The Investment Industry Regulatory Organization of Canada has fined and suspended a former Winnipeg advisor for submitting false documents and making misleading statements to his dealer.
Following a disciplinary hearing held on Wednesday, May 23, in Winnipeg, an IIROC hearing panel found that Douglas Warkentin was liable of falsifying a personal account statement from CIBC Wood Gundy, which he then submitted to his firm Wellington West Capital Inc. as part of a leverage loan account application. Warkentin was also found liable for making misleading statements to his employer. The violations occurred in January 2011.
The penalty imposed on Warkentin includes a $25,000 fine, a six-month suspension from registration, successful completion of the Conduct and Practices Handbook examination upon registration with IIROC and $5,000 in costs.
He is not currently not registered with an IIROC-regulated firm.