Friday, November 29, 2013

Canaccord agrees to IIROC penalties of $1.1M

VANCOUVER - The Investment Industry Regulatory Organization of Canada says Canaccord Genuity Corp (TSX:CF) has agreed to fines and other penalties totalling more than $1.1 million related to allegations of inadequate supervision of retail account activity. The IIROC says Canaccord will pay a fine of $750,000, plus an additional $310,000 for disgorged commissions. It will also contribute $50,000 towards the IIROC's investigation costs.

The settlement arose from allegations of failing to adequately monitor first-level supervision of such accounts and by failing to have effective second-tier supervision from 2005 through 2010."
Its back to the wicked large and systemic problems with the Venture bordello and they don't come any bigger than the whores at Cannakrap. A horse of course we are talking about the "accredited investors" loophole that has seen a vast multitude of public types get fleeced by utter fukkin scumbags for many years.

"The IRROC also alleged that between June 2009 andFebruary 2001 Canaccord refused to adopt procedures to reasonably assure itself that its clients who purchased private placements were “accredited investors.”"




http://ca.news.yahoo.com/canaccord-agrees-iiroc-penalties-1-1m-over-retail-002716153.html