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ARTICLE · 02 FEBRUARY 2016

IIROC - January 29, 2016

Borden Ladner Gervais LLP
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Another investment adviser at the same dealer engaged in excessive trading practices over a three-year period in one client account.

CanadaCorporate/Commercial Law
Laura Paglia
Laura Paglia
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Suitability Infractions By Investment Advisor

An IIROC panel approved an investment advisor's settlement for a $12,500 fine, a $3,000 disgorgement, and a four-month suspension. The investment advisor presented an investment philosophy to the client that was focussed on securities of small-cap companies. The Know Your Client (KYC) Form for a cash account set out 100% high-risk tolerances that the client advised the investment advisor he did not agree with, as he had no intention of risking his capital. The investment advisor told him this was "administrative paperwork" so that the dealer would allow him to invest. The client also signed risk acknowledgment letters that informed him that he could lose his capital. On occasion, the client repeated his discomfort in respect of the risk tolerances for his cash account, but did not object to maintaining them. He later opened a registered account with a 20% high-risk tolerance where he wanted a more conservative

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