Senior client suffered losses of approximately $116,000
REGINA, SK, May 17, 2021 /CNW/ - On May 4, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and James Robert Harris.
Mr. Harris admitted that he made unsuitable recommendations to a vulnerable, senior client with limited investment knowledge. He also failed to use due diligence to learn and remain informed of the essential facts relative to the client.
Specifically, Mr. Harris admitted to the following violations:
Between December 2012 and July 2017, Mr. Harris failed to use due diligence to learn and remain informed of the essential facts relative to the client, contrary to Dealer Member Rule 1300.1(a); and
Between December 2012 and July 2017, Mr. Harris failed to use due diligence to ensure that investment recommendations were suitable to the client, contrary to Dealer Member Rule 1300.1(q).
Under the Settlement Agreement, Mr. Harris agreed to the following penalty:
A fine of $25,000;
Disgorgement of fees and commissions in the amount of $15,000; and
A 30-day suspension from registration in any capacity with IIROC.
Mr. Harris also agreed to pay costs in the amount of $2,500.
The Settlement Agreement is available at:
The Hearing Panel's decision will be made available at: www.iiroc.ca.
IIROC formally initiated the investigation into Mr. Harris's conduct in March 2017. The conduct occurred while he was a Registered Representative with the Regina branch of PI Financial Corp., an IIROC-regulated firm. Mr. Harris is no longer a registrant with an IIROC-regulated firm.
Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
View original content: http://www.newswire.ca/en/releases/archive/May2021/17/c2934.html