HSBC Investment Funds (Canada) and HSBC Private Wealth Services (Canada) agree to pay more than $7 million in compensation to clients
Paul Darrigo sought to appeal the ruling of liability and the penalties that were handed down by an IIROC hearing panel
The single set of rules replaces two different sets of enforcement rules for dealers and markets
Oppenheimer & Co. failed to enforce written policies
Firm agrees to pay US$1 million penalty
Issues include trial by jury for securities offences and treatment of monetary penalties
Two involved in the scheme received conditional sentences while another two will be sentenced later this summer
Measure will further streamline enforcement processes
Although no clients lost money because of the advisor’s recommendations, an IIROC hearing panel said conflicts cannot be tolerated
An MFDA hearing panel says the full penalty matches the seriousness of the allegations, which were theft and borrowing from clients