The Investment Industry Regulatory Organization of Canada (IIROC) has fined a former rep with CIBC Work Markets Inc. for failing to perform his gatekeeper obligations

On July 12, an IIROC hearing panel accepted a settlement agreement, with sanctions, between IIROC staff and Maoqing Teng.

Teng admitted that he failed to perform his gatekeeper obligations during the period from March to July 2008 while he was a registered representative with the Richmond, British Columbia branch of CIBC World Markets

Contrary to anti-money laundering legislation, he stated on account documents that he had met two clients when he had not; and accepted trading instructions for clients from a third party and another client without the existence of duly-executed trading authorizations.

As penalty, Teng: shall not be permitted to re-apply for registration in any capacity for one year; must pay a $10,000 fine; and must successfully re-write the examination based on the Conduct and Practices Handbook course, as a condition of re-registration.

Teng also agreed to pay costs in the amount of $5,000. He is no longer a registrant with an IIROC regulated firm.