The Investment Dealers Association of Canada has imposed discipline penalties on a branch manager at RBC Dominion Securities Inc. in Niagara Falls, Ont. and a registered representative he was supervising.

The IDA’s Ontario District Council fined Garry Turpin, a branch manager at the Niagara Falls branch of RBC DS $20,000, including investigation costs, after the employee accepted a settlement agreement in which he acknowledged he failed to properly supervise the handling of a client account to ensure that recommendations for transferring the account were suitable for the client.

The recommendations in question were made by Gerrardo (Jerry) Salvatore, at the time a registered representative at the RBD DS office. The IDA in turn fined Salvatore $15,000 including investigation costs after a settlement agreement in which Salvatore acknowledged he failed to exercise due diligence to ensure that recommendations made for the transfer of a client account were appropriate for the client and in keeping with the client’s investment objectives.

Salvatore is currently employed as a registered rep at Scotia Capital Inc. in St. Catharines, Ont. Turpin is now working as a registered rep at RBC DS’s Niagara Falls branch.