(December 7 – 11:55 ET) – The Investment Dealers Association has imposed discipline penalties on Sharon Gill, a former rep in the Ottawa branch of Richardson Greenshields.
The IDA has concluded that Gill was guilty of six offences, including conduct unbecoming of a registered rep, failing to use due diligence to ensure that recommendations made for various clients were appropriate.
Gill has been suspended from wworking in any capacity with an IDA member for a period of one year. She was fined $38,000 and must pay back $3,000 in commissions. Gill must also pay the IDA’s investigation costs of $8,350. As a condition of her continued approval, Gill must re-write and pass the Conduct and Practices Handbook for Securities Industry Professionals exam.
Gill worked with Richardson Greenshields from 1981 until her termination on May 16, 1996. The IDA found that she did not properly document and update a new account application form for a client. She also made recommendations that were not in keeping with the stated investment objectives of income and safety of three clients. She placed these clients in securities that were unsuitable and degraded the quality of their portfolios.
Finally, the IDA found that Gill engaged in conduct unbecoming of a Registered Representative when she:
- revealed the existence of an RESP fund that she had set up for a client’s child at a creditors meeting for the client’s impending bankruptcy;
- permitted a co-mingling of client’s assets with her own account for the purpose of selling off the client’s assets to re-pay a debt owed to her by the client; and
- did not disclose to her firm that she held a power of attorney for a client.
-IE Staff