A former Calgary investment advisor can no longer operate in the industry after being permanently banned from registering with IIROC in any capacity, and fined $450,000 plus $50,000 costs.
It follows an investigation into the conduct of Adam William Woodward who was formerly a registered representative at the Calgary branch of Richardson GMP
Limited. He is no longer a registrant with an IIROC-regulated firm.
Woodward was investigated by the regulator for allegations that he: “failed to know his clients; failed to ensure that investment recommendations were suitable; engaged in unauthorized discretionary trading; and failed to ensure that clients qualified for certain prospectus exemptions before facilitating their purchase of securities.”
It was also claimed that he engaged in personal financial dealings with a client.
Some of Woodward’s clients were seniors and vulnerable and “relied on him for his investment expertise.” IIROC says that seven of his clients lost substantial sums, totaling more than half a million dollars.
IIROC had formally initiated the investigation into Woodward’s conduct in November 2015 and decided on the penalty at a hearing on January 12, 2018.
It will publish the full reasons behind that decision in the coming weeks.
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