A British Columbia Securities Commission (BCSC) panel today sanctioned Victoria broker Carolann Steinhoff for contravening suitability rules.
In August 2013, a BCSC panel confirmed an Investment Industry Regulatory Organization of Canada (IIROC) panel’s decision that Steinhoff made recommendations to a Victoria couple that were not suitable for the couple’s investment objectives. (See Investment Executive, BCSC rules Steinhoff penalty too severe, August 8, 2013.)
The panel deferred its decision on the associated IIROC penalty decision pending further submissions from the parties.
In today’s sanctions decision, the BSCS panel ordered Steinhoff to pay disgorgement of commissions of $6,813, costs of $20,000 and a fine of $100,000.
The panel ruled out a suspension, noting that, “the penalty we are imposing is appropriate in the circumstances and will adequately deter Steinhoff and other registrants from failing to meet suitability requirements.”