The Investment Industry Regulatory Organization of Canada has fined a pair of Calgary reps who solicited investments in a private placement without the knowledge of their firm.
On Dec. 9, 2011, an IIROC hearing panel accepted settlement agreements entered into between IIROC staff and Robert Werner Schiesser and Jeffrey Roderick McCrimmon.
The pair admitted that between July 2007 and March 2009, while they were registered representatives at the Calgary branch of Canaccord Genuity Corp., they solicited and facilitated investments in a private placement by Aspen Racing Stables Inc. to 49 clients, without the knowledge of Canaccord Genuity Corp. In addition the duo admitted they failed to disclose having an indirect financial interest in Aspen.
Schiesser agreed to pay a $45,000 fine and $4,500 in costs. McCrimmon agreed to pay a $15,000 fine and $1,500 in costs.
IIROC formally initiated its investigation into Schiesser and McCrimmon’s conduct in October 2008. The violations occurred when the pair were registered representatives with the Calgary branch of Canaccord Genuity Corp.
Schiesser and McCrimmon are now registered in that capacity at the Calgary branch of Raymond James Ltd..