Former advisor given big fine for old-school tactics

Former advisor given big fine for old-school tactics

Former advisor given big fine for old-school tactics IIROC comes down hard on Alberta man for laundry list of transgressions.

Hit with a $200,000 fine as well as $20,000 in costs, Grant Matthews, a former registered representative with Leede Financial Markets Inc. in Calgary, has been banned by IIROC for five years for several violations while an advisor with the firm.

Matthews made unsuitable recommendations to four clients, engaged in discretionary trading with two others and possibly the most egregious of violations, churned the accounts of three separate clients.

No longer registered with an IIROC-regulated firm, Matthews was exonerated on the additional allegations of KYC deficiencies with four clients and discretionary trading on one more.

It seems the old-school practice of churning continues to rear its ugly head.  
3 Comments
  • Andrewski 2015-01-27 1:17:01 PM
    Butter is the only thing that should be churned!
    Post a reply
  • Dan Zwicker 2015-01-31 2:37:19 PM
    Next to our personal health our financial health is priceless. It is time for the regulatory standards in the financial services sector to be based upon the Fiduciary duty an advisor has to his or her client.
    Post a reply
  • Dan Zwicker 2015-01-31 2:37:20 PM
    Next to our personal health our financial health is priceless. It is time for the regulatory standards in the financial services sector to be based upon the Fiduciary duty an advisor has to his or her client.
    Post a reply