The Alberta District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Rogers & Partners Securities Inc., now known as Leede Financial Markets Inc.
Pursuant to a settlement agreement, Rogers & Partners admitted that on six occasions between Sept. 30, 2000 and Mar. 16, 2000, it failed to maintain its risk-adjusted capital at a level greater than zero.
The discipline penalty assessed against Rogers & Partners is a fine of $10,000 and $2,000 towards investigation costs.
Most of the deficiencies were not detected in a timely fashion due to delays in filing financial questionnaires. No client funds were placed in jeopardy as a result of the deficiencies.
On Feb. 28, 2001, an independent group purchased controlling interest in Rogers & Partners, resulting in re-capitalization of the firm. On March 9, 2001, the IDA approved the change of control of Rogers & Partners and on July 12, 2001, the firm was renamed Leede Financial Markets Inc.
IDA hits Rogers & Partners with $10,000 penalty
Firm failed to maintain risk-adjusted capital
- By: IE Staff
- September 21, 2001 September 21, 2001
- 14:10
IE Staff