A hearing panel of the Investment Industry Regulatory Organization of Canada has fined a former advisor $200,000 and banned him for five years making unsuitable recommendations, an engaging in excessive trading, among other violations.

The misconduct occurred while Grant Matthews was a registered representative with the Calgary branch of Leede Financial Markets Inc..

In an earlier decision dated Nov. 21, 2014, the panel found that Matthews made unsuitable recommendations in the accounts of four clients, engaged in discretionary trading in the accounts of two clients, and engaged in excessive trading (churning) in the accounts of three clients. The panel also found that allegations of failure to know his clients, with respect to the four clients, and discretionary trading, in the accounts of one client, had not been proven.

See: Former advisor to face penalty hearing

In addition to the fine, Matthews is also required to pay $20,000 in costs.

IIROC formally initiated the investigation into Matthews’ conduct in August 2012. He is no longer a registrant with an IIROC-regulated firm.