A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has fined and suspended a New Brunswick branch manager for violating the organizations by-laws and rules.

The Investment Dealers Association of Canada formally initiated the investigation into the conduct of Robert Bardsley conduct on Sept. 26, 2008.

The violations occurred when he was a registered representative and branch manager with the Fredericton branch of BMO Nesbitt Burns Inc.

In a settlement agreement accepted March 24, 2010, Bardsley admitted that:

• from 2005 to 2008, he conducted his business consistent with the registration of a portfolio manager without being duly registered, contrary to IDA by-laws and rules; and

• on Dec. 17, 2008, he made revisions, at the client’s request, to a client complaint letter, which was provided to the BMO Nesbitt Burns, contrary to IDA rules.

The hearing panel imposed a $25,000 fine and ordered Bardsley to pay $5,000 in costs.

In addition, the panel imposed a one year suspension from acting in any supervisory capacity, and a four-month suspension from any registration with IIROC.

As a condition of re-approval with IIROC, Bardsley must successfully complete the CPH course.

Bardsley is no longer a registrant with an IIROC-regulated firm.

IE