An Investment Industry Regulatory Organization of Canada (IIROC) hearing panel has agreed to a settlement with an investment advisor in Vancouver accused of making unsuitable recommendations to a couple in their 60s.
Daryl Rebeck of Canaccord Genuity Corp. was found to have applied an investment strategy deemed to be “inconsistent with the clients’ objectives, given their age, employment status, investment knowledge and financial circumstances,” according to the IIROC hearing panel’s decision.
The elderly couple reportedly lost a significant amount as a result of Rebeck’s misconduct.
Under the terms of the agreement, Rebeck has to pay a fine of $45,000 and costs of $5,000, refrain from applying for registering with IIROC for a six-month period, pass the conduct and practices handbook exam and consent to a 12 months of close supervision.