(June 21 – 18:20 ET) – The Investment Dealers Association has fined a former RBC Dominion Securities Inc. broker $5,000 for recommending inappropriate securities.
The Alberta district council of the IDA fined former DS rep Anthony Mah and requires him to pay $1,000 toward the cost of the investigation. Mah worked in the DS Edmonton branch.
The IDA found that Mah “failed to use due diligence to ensure that recommendations he made were appropriate and in keeping with client investment objectives”, back in 1996 when he recommended six securities for the individual RRSP accounts of a husband and wife. It found that three of the six were not appropriate. The wife lost $19,500, while the husband made $21,561 on his advice. The IDA notes that the fact that the husband made a profit nonetheless was a mitigating factor in assessing the penalty.
Mah has not been registered since February 1999.