A hearing panel of the Investment Industry Regulatory Organization of Canada has imposed a permanent ban against Bradley Ferris Trites for failing to co-operate with an IIROC investigation. The panel also ordered Trites to pay a $25,000 fine and $4,500 in costs.

The panel announced its findings and the penalty at a hearing held on September 30 in Vancouver.

Specifically, the hearing panel found that Trites refused and/or failed to attend an interview and give information as part of an IIROC investigation into his conduct. The underlying investigation concerned complaints made to IIROC by four of Trites’ clients alleging he had engaged in discretionary trading, unsuitable investments and misrepresentation. IIROC was unable to complete the investigation without interviewing Trites.

The permanent ban precludes Trites from approval in any capacity with IIROC. In its decision, the panel explained, “We consider Mr. Trites’ failure to attend IIROC’s interview to be a serious matter, which warrants a penalty which will prevent Mr. Trites from participating in IIROC in the future and will discourage others, including others who have already resigned from IIROC, from ignoring their regulatory obligations.”

IIROC began its formal investigation into Trites’ conduct on Oct. 31, 2008, while he was a registered representative with the Kelowna, B.C. branch of Canaccord Genuity Corp.

IE