A hearing panel of the Investment Dealers Association of Canada has fined a Vancouver broker $25,000 and suspended him for one year for unprofessional conduct.
Lawrence Boscoe was an approved person with the Vancouver branch office of Yorkton Securities Inc.
Yorkton Securites Inc. became First Associates Investments Inc., which has subsequently become Blackmont Capital Inc.
Following a settlement hearing on Nov. 9, 2005, the panel accepted a settlement negotiated between Boscoe and IDA staff. Boscoe admitted that:
- on Aug. 27, 2001, he failed to use due diligence to ensure that he learned the essential facts relative to a client;
- between Aug. 31, 2001 and Dec. 12, 2001, he recommended that a client purchase high risk securities for his accounts, which resulted in the amount of high risk securities in the accounts to exceed the client’s objectives;
- on Dec. 13, 2001, he completed or caused to be completed, a New Client Account Form for his client, which amendments were not in the best interest of the client; and
- between August 2001 and December 2002, he conducted business in an unprofessional manner.
For his misconduct, Boscoe is suspended for one year, fined $25,000, and must successfully re-write the Conduct and Practices Handbook course. In addition, he must pay $5,000 in costs.
Boscoe is not currently employed as an IDA registrant.