IIROC Fines and Suspends Winnipeg Investment Advisor Thomas William Dunn

WINNIPEG, April 2, 2020 /CNW/ - On March 18, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Thomas William Dunn.

Mr. Dunn admitted that he failed to know two of his clients, and he engaged in trading that was inconsistent with good business practices and not suitable for these clients.

Specifically, Mr. Dunn admitted to the following violation(s):

a) Between November 2010 and October 2015, Mr. Dunn engaged in excessive trading in the accounts of two clients, contrary to Dealer Member Rules 1300.1(q) and 1300.1(o); and

b) Between November 2010 and October 2015, Mr. Dunn failed to use due diligence to learn and remain informed of the essential facts relative to two clients, contrary to Dealer Member Rule 1300.1(a).

Pursuant to the Settlement Agreement, Mr. Dunn agreed to the following penalty:

a)  A fine in the amount of $25,000;

b) A five month suspension, to begin on May 31, 2020;

c) A period of close supervision for six months; and

d) A successful rewrite of the Conduct and Practices Handbook exam, before returning to work.

Mr. Dunn also agreed to pay costs in the amount of $5,000.

The Settlement Agreement and the Hearing Panel's decision is available at:
http://www.iiroc.ca/documents/2020/edc349e5-7c27-4e0a-921e-64a19f738047_en.pdf

IIROC formally initiated the investigation into Mr. Dunn's conduct in August 2016. The alleged violations occurred while he was a Registered Representative and a Portfolio Manager with the Winnipeg branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Dunn is currently a Registered Representative at the Winnipeg branch of PI Financial Corp.

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News