The Investment Industry Regulatory Organization of Canada has fined a former British Columbia rep $50,000 for violating IIROC rules.
On April 25, an IIROC accepted a settlement agreement between the IIROC staff and Syvert Mytting.
Mytting admitted he promised to guarantee the future value of one client’s account and then assumed a personal interest in the account. He also admitted his recommendations to five other clients to use leveraged loans to fund their investment accounts were unsuitable.
The alleged violations occurred in 2006-7 when he was a registered representative with the Abbotsford, B.C. branch of Berkshire Securities Inc. (now Manulife Securities Inc).
As part of the settlement Mytting agreed to five-year suspension from registration in any capacity with IIROC; and a $50,000 fine. He also agreed to pay $20,000 in costs.
IIROC formally initiated the investigation into Mytting’s conduct in May 2008. He has not been registered in any capacity with an IIROC Dealer Member since December 2007.