A hearing panel of the Investment Industry Investment Industry Regulatory Organization of Canada (IIROC) Wednesday ordered that Prodigy Wealth Management Corp. immediately cease dealing with the public.

As well, the panel ordered that the Kelowna, B.C. firm’s IIROC membership be suspended.

In a settlement agreement between IIROC staff and Prodigy, the company admitted that since Sept. 15, 2009, it failed to retain and designate an individual who was approved under IIROC’s rules to perform the functions of the chief compliance officer.

As indicated in IIROC Notice 09-0325, with prior notice to its clients and with no cost to them, Prodigy arranged to transfer all client accounts to Canaccord Capital Corp, effective November 2.

IE