The Investment Industry Regulatory Organization of Canada has imposed a $10,000 fine on a registered representative with the Lloydminster, Alta. branch of First Financial Securities Inc., and ordered him to pay $13,000 in costs.

The penalty decision follows its earlier decision dated Oct. 27, 2010, which found that Dale Richard Wells violated IIROC rules by engaging in business conduct unbecoming or detrimental to the public interest when he acted in the role of an advisor without being registered as one.

An IIROC hearing panel found that Wells committed a violation by entering into an arrangement to supply a financial services company with his own computer-generated research that recommended buy and sell opportunities related to mutual funds in return for a fee, and that this information was used regularly by that firm to make trades in an investment fund. In doing so, Wells acted as an advisor within the meaning of the Alberta Securities Act without being registered as such, contrary to IIROC rules.

IIROC began the investigation into Wells’ conduct in March 2008. The violation occurred from February 2006 to July 2008, while Mr. Wells was a registered representative with the Lloydminster branch of First Financial. Wells is still a registered rep with the firm.

IE