A Toronto branch manager with Scotia Capital Inc. has been fined and prohibited from acting in any supervisory capacity for three years for failing to fully discharge his supervisory responsibilities.
The Investment Dealers Association of Canada imposed the penalties on Robert Roy Morrison, a branch manager at Scotia Capital’s North Toronto branch after a settlement was negotiated between Morrison and association staff.
Morrison admitted that he failed to fully discharge his supervisory responsibilities as branch manager and to properly supervise the trading activity in client accounts. He was fined $35,000 and prohibited from acting in any supervisory capacity for a period of three years. As a condition of reapproval by the IDA for any supervisory capacity, he must successfully rewrite the branch manager’s examination. Morrison is also required to pay $4,000 in investigation costs.
The IDA also assessed a $65,000 fine against the retail division of Scotia Capital Inc. In addition, the firm is required to pay $20,000 towards the IDA’s costs.
Scotia Capital admitted that during the period from November 1999 to April 2000, it failed to maintain adequate supervisory procedures at the North Toronto branch by failing to ensure that Morrison was conducting proper account supervision.
For a complete summary of facts, please see IDA Bulletin No. 3141 at www.ida.ca.
Toronto branch manager fined
Scotia Capital manager also barred for three years from supervisory duties
- By: IE Staff
- April 28, 2003 April 28, 2003
- 14:40