The Toronto-based Investment Industry Regulatory Organization of Canada (IIROC) has ordered a Vancouver advisor to pay $48,000 for recommending unsuitable investments and unauthorized discretionary trading.
In 2009 and 2010, as a Vancouver-based investment advisor with Leede Financial Markets Inc., Catherine Jones failed to properly ensure a margin account was appropriate for a client, engaged in discretionary trading, according to IIROC documents. As well, Jones misrepresented unsolicited trades as solicited and used a personal email to contact the client. (See Investment Executive, Vancouver rep made unsuitable recommendations: IIROC, January 22, 2014.)
In addition to the fine, IIROC also ordered a three-month suspension for Jones followed by one year of strict supervision. Jones must also pay $15,000 in costs.
Jones is currently a registered representative with Global Securities Corp. in Vancouver.