IIROC fines firm for failing to adequately supervise rep
Former registrant recommended investor purchase exempt market securities
The misdeeds included inflating the net worth of some clients so they could qualify for a leveraged investment strategy
Former Assante rep used discount brokerage accounts to make up for client losses
IIROC suspends Winnipeg rep for KYC failings, unauthorized trades
The majority of enforcement actions handled by state securities regulators involve unlicensed individuals
IIROC sanctions called “disproportionate”
Clients misled, false account statements issued
Ricci seeking to overturn IIROC penalty
Unregistered firm agrees to pay $180,000 penalty