The Toronto-based Investment Industry Regulatory Organization of Canada (IIROC) has fined two British Columbia-based brokers for failing in their roles as gatekeepers.
IIROC gave Marco Myatovic a fine of $500,000 and a permanent ban from registering in any capacity for his actions while Doreen Lowe was fined $100,000 and a three-year ban from registering in any capacity. Lowe must also complete the Conduct and Practices Handbook before returning to the industry.
The penalties were given after an IIROC hearing panel held in between November and December 2011. The hearing panel found that between April 2008 and March 2009 both Myatovic and Lowe failed in the roles as gatekeepers by facilitating manipulative or suspicious trading activity in client accounts.
At the time, Myatovic was a registered rep in Prince George with Canaccord Capital Corp. (now Canaccord Genuity Corp.) while Lowe was working as a rep in Vancouver with Research Capital Corp. (now Mackie Research Capital Corp.).