The Investment Industry Regulatory Organization of Canada has fined a former Victoria, B.C. broker $10,000 for undisclosed personal dealings with a client.
On January 30, an IIROC hearing panel accepted a settlement agreement between IIROC staff and James Wenman.
Wenman admitted that between June 2008 and January 2009 he engaged in undisclosed personal financial dealings with a client by loaning his client money on three separate occasions without the consent of his firm. The violations occurred when he was a registered representative with the Victoria, British Columbia branch of Canaccord Genuity Corp.
Wenman agreed to pay a $10,000 penalty, retake and successfully complete Conduct and Practices Handbook Course before seeking registration with IIROC again, if registered with IIROC in the future, be subject to a one year period of close supervision by his firm, in addition to any period of supervision required of a newly registered approved person.
He also agreed to pay $2,500 in costs.
IIROC formally initiated the investigation into Wenman’s conduct in February 2010. He is no longer a registrant with an IIROC-regulated firm.