Investment firm fined $1.1M for failing to supervise advisors

Investment firm fined $1.1M for failing to supervise advisors

1 Comments
  • manifesto2000 2016-06-28 6:29:22 AM
    It is interesting to note that Canaccord was notified in a detailed complaint from a Kelowna client in 2007 - and persisted in brushing off the client until the elderly investor had to go to court to obtain 2 judgements against Canaccord. The company paid out about $27,000 of the client's claim of $50,000 in damages for churning and making unauthorized trades and putting funds into high commission investments without the knowledge or consent of this customer.

    This client has requested that IIROC endorse the fact the the $51,000 paid out in legal and lawyer fees was brought on solely because of the negligence of Canaccord at all levels. The client seeks to have Canaccord pay this and to return the rest of the squandering of the client's out of pocket losses due entirely to bad faith practices.
    Post a reply