The Investment Industry Regulatory Organization of Canada has fined a Regina rep $100,000 for making a transaction against the expressed wishes of a client, in addition to other transgressions.
On Sept. 26, 2011, an IIROC hearing panel found that Kenneth Gareau recorded inaccurate Know Your Client information on client account forms, made unsuitable recommendations and made a transaction against the expressed wishes of a client.
In its decision dated January 2, the panel imposed a $100,000 fine on Gareau, and ordered him to disgorge commissions of $47,383 and pay costs of $20,000.
In addition, Gareau faces a ban on registration for a period of one year from the date of the decision on penalty. To regain registration, he must successfully complete the Conduct and Practices Course, and submit to strict supervision for one year followed by a further six months of close supervision.
IIROC formally initiated the investigation into Gareau’s conduct in March 2009. The violations occurred when he was a registered representative with the Regina, Saskatchewan sub-branch of Dundee Securities Corp. Until the release of the panel’s penalty decision Gareau was registered at the same firm, now known as DWM Securities Inc., in Regina.