An Investment Industry Regulatory Organization of Canada (IIROC) hearing panelhas imposed a fine and suspended a former advisor in Calgary for running afoul of due-diligence standards, which cost some of his clients a total of $166,000 in savings, among other violations.
Jamie Peter Yaskiw, formerly of Wolverton Securities Ltd., must pay a penalty of $120,000 for failing to know his clients; neglecting to apply due diligence to ensure suitable recommendations; and engaging in discretionary trading without written consent with for three clients.
These charges, which stem from an investigation launched in December 2014, reportedly occurred between January 2012 and June 2014, according to IIROC’s statement.
The hearing panel found that Yaskiw frequently engaged in “high-risk trading and employed speculative short-selling strategies” while managing the account of a retired couple, who lost $125,000 of their savings.
In a separate charge, the hearing panel says Yaskiw failed to secure a client’s approval to conduct discretionary trades on her behalf, costing her about $41,000.
As part of the decision, Yaskiw is bound from re-registering with IIROC for two years and will pay an additional $25,000 in costs. If he decides to register again, Yaskiw will be subject to an 18-month supervisory period and must pass the conduct and practices handbook exam.
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