The Investment Industry Regulatory Organization of Canada (IIROC) has fined and permanently banned a former Calgary-based broker accused of a variety of securities violations, including alleged unauthorized discretionary trading that caused significant client losses.
Following a hearing on Jan. 12, an IIROC hearing panel ordered that Adam Woodward, a former rep with Richardson GMP Ltd., be permanently banned from the industry, fined $450,000, and pay costs of $50,000.
Among other things, Woodward was accused of unauthorized discretionary trading, suitability failings, and failing to ensure that clients qualified for certain prospectus exemptions.
In an email to Investment Executive, IIROC says that a written penalty decision will be released in the coming weeks.
IIROC it began an investigation into Woodward’s conduct in November 2015. He is no longer registered with an IIROC-regulated firm.