The penalty was significant as it was the first time FINTRAC has penalized a bank since it was given the authority to issue administrative monetary penalties in December 2008
The rise of no-contest settlements in Ontario saw the total amount of money returned to investors almost triple to about $350 million from $111.7 million in 2015
$120,000 now available to investment scheme victims
The settlement stems from allegations that the firm failed to properly supervise former portfolio manager Krishna Sammy
Jeremy Nicholas Drew Austin was taken to task for unsuitable investment recommendations and unauthorized trading
Neil Andrew McDonald of Calgary has been charged with various alleged breaches of the Criminal Code
Richard Lian and Enna Keller raised US$3.2 million from investors by selling securities in a company subject to a cease-trade order
The firm also admits to wrongdoing related to compliance failures surrounding the sale of risky inverse ETFs to retail clients
The firm will be paying a $75,000 fine and $20,000 in costs for failing to supervise a rep adequately and not reporting possible violations by the rep
Kurt Haller, who admitted to churning and making unsuitable recommendations to an elderly client, was also fined $109,500