The Investment Industry Regulatory Organization of Canada (IIROC) has fined and suspended a former Calgary broker for violating dealer member rules.

On October 29, an IIROC hearing panel accepted a settlement agreement between IIROC staff and Trevor Gunderson.

Gunderson admitted that he borrowed money from clients without his member firm’s knowledge or consent and reimbursed a client for losses without his member firm’s knowledge or consent.

IIROC formally initiated the investigation into Gunderson’s conduct in April 2011. The conduct occurred when he was a registered representative with the Calgary branch of CIBC World Markets Inc..

Gunderson agreed to the following penalty: a $25,000 fine; a period of suspension from registration in any category with IIROC for one month; and successful completion of the Conduct and Practices Handbook examination. He also agreed to pay $3,000 in costs.

Gunderson is no longer a registrant with an IIROC-regulated firm.