The Investment Industry Regulatory Organization of Canada (IIROC) has fined Wellington West Capital Inc. (now National Bank Financial Inc.) $60,000 for its failings in the sale of shares of Opti Canada Inc. to clients.
On June 25, an IIROC hearing panel accepted a settlement agreement between IIROC staff and Wellington.
The company admitted in March 2006 it failed to properly process and price the sale of Opti shares to clients, and failed to make all reasonable inquiries into a registered representative’s conduct in relation to the purchase of the Opti shares and the subsequent allocation of such shares to clients.
As penalty, Wellington agreed to pay a $60,000 fine and $5,000 in costs.
IIROC formally initiated the investigation into Wellington’s conduct in November 2010.