Hearing panel accepts settlement with sanctions including fine, disgorgement, and costs
The Canadian Investment Regulatory Organization (CIRO) sanctioned Regan Donald Eric Espeseth after he admitted to engaging in discretionary trading in client futures accounts.
A CIRO hearing panel on August 19, accepted a settlement agreement between Enforcement Staff and Espeseth under the Investment Dealer and Partially Consolidated Rules.
Espeseth agreed to pay a $75,000 fine, disgorge $600,000 in commissions, and cover $20,000 in costs.
The settlement followed findings that, between July 2020 and March 2022, Espeseth conducted trades on behalf of 33 clients without securing prior approval for key details such as quantity, security, price, or timing.
The trading involved high-risk, speculative futures across commodities including energy, grains, livestock, and metals.
CIRO reported that Espeseth entered more than 23,000 orders during the period, generating substantial commissions.
At all material times, Espeseth worked as a Registered Representative at RBC Dominion Securities Inc. in Saskatoon, Saskatchewan, until his termination in June 2022.
He has not been registered in the securities industry since then.
