Bacsalmasi fined $25,000 for failing to supervise Calgary rep

The Alberta District Council of the Investment Dealers Association of Canada has fined a Research Capital Corp. branch manager $25,000 for failing to properly supervise a broker in the firm’s Calgary office.

Peter Bacsalmasi admitted his failings in a settlement agreement reached with the IDA on January 29.

Bacsalmasi admitted that he:

  • failed to properly supervise Brian Strong, a registered representative in his branch, in the handling of two client accounts; and
  • failed to ensure that the acceptance of any orders for two clients’ accounts were within the bounds of good business practice and failed to ensure that trade recommendations made were appropriate for the clients and in keeping with the clients’ investment objectives.

In addition to the fine, Bacsalmasi must pay $4,500 in investigation costs, and re-write and pass the Partners, Directors, and Officers examination.