IIROC sanctions settlement agreement
The Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between its staff and an advisor with the Montreal branch of Scotia Capital Inc.
IIROC said Jacques Maurice admitted having recommended the purchase and holding of securities that were not all suitable for one of his clients, based on the client’s risk tolerance. He also admitted to personally handling a written complaint filed by the client. IIROC formally initiated the investigation in July 2016.
IIROC said Maurice agreed to pay an aggregate fine of $20,000, which includes $10,000 for each violation. He will also pay costs of $5,000 to IIROC.
Maurice continues to be employed with Scotia Capital.