The Investment Industry Regulatory Organization of Canada has fined a Calgary broker $55,000 for failing in his “know your client” obligations and failed to use due diligence to ensure that the acceptance of orders from two clients was suitable for them.

An IIROC hearing panel has accepted a settlement agreement, with sanctions, between IIROC staff and Ilya Soliterman. The violations occurred from January 2004 to October 2008 when he was a registered representative with the Calgary branch of CIBC World Markets Inc.,

Specifically, Soliterman admitted he:

  • failed to use due diligence to learn and remain informed of the essential facts relative to every customer and to every order or account accepted; and
  • failed to use due diligence to ensure that the acceptance of any order from a customer is suitable for such customer.

Soliterman agreed to pay a fine to IIROC in the amount of $55,000. He also agreed to pay costs in the amount of $5,000.

IIROC formally initiated the investigation into Soliterman’s conduct in November 2009.

He remains a registered rep with the Calgary branch of CIBC World Markets.