The Toronto-based Investment Industry Regulatory Organization of Canada (IIROC) has fined Charles Floyd of Edmonton $100,000.
A hearing panel in January 2013, found that Floyd had made unsuitable recommendations and unauthorized discretionary trades for a client in 2008. As well, the same hearing panel found that Floyd’s branch manager, James Gordon MacDonald, failed to properly supervise the account.
Edmonton rep made unsuitable recommendations: IIROC
In addition to the fine, IIROC ordered Floyd to disgorge $5,860 and permanently banned him from registration. As well, Floyd must pay $15,000 in costs.
In the case of MacDonald, IIROC levied a $35,000 against the former manager and suspended him from acting as a branch manager for one year. MacDonald must also rewrite and pass the Conduct and Practices Handbook exam and the Branch Managers Course before being reinstated as a branch manager. MacDonald must also pay $5,000 in costs.