The Investment Industry Regulatory Organization of Canada (IIROC) has fined a Montreal broker $30,000 for his misconduct.

On Dec. 12, 2012, an IIROC hearing panel of accepted a settlement agreement between IIROC staff and Bernard King.

The misconduct occurred when King was a registered representative with the Montreal branch of TD Waterhouse Canada Inc.

King admitted that he twice confirmed in writing to one of his clients that the capital invested in the security ROC PREF III Corp. was guaranteed. He also admitted that he omitted to forward to his employer, the complaints lodged by two of his clients.

As penalty, King agreed to pay $30,000 and $5,000 in costs. He is also subject to a nine-month period of strict supervision and must successfully complete the Conduct and Practices Handbook course within six months of the panel’s decision.

IIROC formally initiated the investigation into King’s conduct in February 2011. He is still a registered representative at TD Waterhouse Canada Inc.