The Investment Industry Regulatory Organization of Canada (IIROC) has permanently banned a former broker and ordered him to pay a $50,000 fine for violating the self-regulatory organization’s rules.
Following a disciplinary hearing held on Sept. 29 in Toronto, an IIROC panel found that Norman Armstrong made at least 18 unauthorized transactions in a client’s account between December 2009 and February 2013.
The panel also found that he refused and failed to attend and give information in respect of the IIROC investigation into his conduct.
The rule violations occurred while Armstrong was a registered representative with the Whitby, Ont. branches of Raymond James Ltd. and then Mackie Research Capital Corp.
As penalty, the panel imposed a permanent bar on Armstrong’s approval with IIROC and fined him $50,000. It also ordered him to disgorge $3,979.89 in commissions and to pay $50,000 in costs.
IIROC formally initiated its investigation into Armstrong’s conduct in December 2013. He is no longer a registrant with an IIROC-regulated firm.