The Investment Industry Regulatory Organization of Canada has fined a former branch manager Raymond James Ltd. $20,000 for supervisory failings.
On March 28, an IIROC hearing panel accepted a settlement agreement between IIROC staff and Paul Johnson.
Johnson admitted that from June 2003 to December 2008, while he was a branch manager with the Kelowna branch of Raymond James, he relied upon a registered representative to such a degree that he failed to adequately supervise the account activity of one of the rep’s clients.
Johnson agreed to pay a $20,000 fine, and $1,000 in costs.
IIROC formally initiated the investigation into Johnson’s conduct in May 2009.
He is still with the same Kelowna branch in the capacity of a registered representative, but is no longer a branch manager.