The Investment Industry Regulatory Organization of Canada has fined a Vancouver rep $22,500 for guaranteeing a client account and placing discretionary trades.

An IIROC hearing panel has accepted a settlement agreement between IIROC staff and Catherine Deborah Jones.

Jones admitted that in November 2007, she offered to guarantee an initial investment made by her client in May 2007, contrary to IIROC rules.

Jones also admitted that In March 2008 and June 2008, she effected discretionary orders for the account of her client, without having her client’s prior written authorization and without the account having been designated and approved as a discretionary account by her then employer Leede Financial Markets Inc.

Jones agreed a $22,500 fine, a six-month period of close supervision and successful completion of the Conduct and Practices Handbook Course by July 6, 2012. She also agreed to pay $1,000 in costs to IIROC.

IIROC formally initiated its investigation into Jones’ conduct in January 2009. The violations occurred when she was a registered representative with the Vancouver branch of Leede Financial.

Jones is currently a registered rep with the Vancouver head office of Union Securities Ltd.