Clayton Smith engaged in fraud, regulator alleges
Former rep sanctioned for unapproved personal financial dealings with clients, and failing to co-operate with an investigation
Legislation protects SRO against malicious lawsuits
A 2016 review found weaknesses in the firm’s internal controls and supervisory systems
IIROC’s plans have been criticized by industry and investors advocates
The Quadrus rep failed to disclose a criminal charge and a conditional discharge
The firm failed to implement any policies or procedures designed to ensure founder Sam Bouji did not act as an officer of the firm
The vulnerable investors were the parents of the rep’s former fiancé
Twelve reps at a branch in Mississauga, Ont. falsified KYC information in order to obtain investment loans
Proposals reflect trends toward a principles-based approach to sanctioning