IIROC decision includes $450K fine
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.
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.
