Halifax-based registered representative John Brodie must pay a fine of $60,000 for violating regulatory requirements, the Toronto-based Investment Industry Regulatory Organization of Canada (IIROC) announced on Thursday.
In March 2013, an IIROC hearing panel found that between 2005 and 2009 Brodie, made unsuitable investment recommendations, made unauthorized discretionary trades and personally compensated clients for account losses.
The infractions took place while Brodie was an employee for Canaccord Capital Inc. (now Canaccord Genuity Group) headquartered in Vancouver. (See Investment Executive, Halifax rep violated regulatory requirements: IIROC, April 12, 2013.)
In addition to the fine, Brodie is suspended from registration in any capacity with IIROC for six months, upon re-registering Brodie must rewrite the Conduct and Practices Handbook exam and be strictly supervised for 12 months after his return. As well, the IIROC hearing panel ordered Brodie to pay $20,000 in costs.
Brodie is currently an employee of Global Maxfin Capital Inc. in Dartmouth, N.S.