The Industry Regulatory Organization of Canada (IIROC) has fined a registered rep with Raymond James Ltd. $30,000 for performing unsuitable trades.

On June 25, an IIROC hearing panel accepted a settlement agreement, with sanctions, between the IIROC staff and John Skelton, a rep with the Kelowna, B.C. office of Raymond James.

Skelton admitted between July 2003 and December 2008 he effected discretionary trades on behalf of his client’s investment account and that some of these transactions were not suitable for the client.

Skelton agreed to pay a $30,000 fine, and $1,000 in costs

IIROC formally initiated the investigation into Skelton’s conduct in April 2009. He is currently a registered representative with Raymond James.