The outcome of a recent Hearing Pannel was a $40,000 penalty for a CIBC Wood Gundy employee in Nelson.
On September 6, the Investment Industry Regulatory Organization (IIROC) of Canada accepted a Settlement Agreement, with sanctions, between IIROC staff and CIBC World Markets Inc. and Robert Trickey.
CIBC admitted that it failed to adequately supervise a Registered Representative and agreed to pay a $125,000 fine and costs in the amount of $10,000.
Robert Trickey admitted that he failed to fully and properly supervise the activities of Geraldine Mannings and agreed to pay a $40,000 penalty and costs in the amount of $5,000.
The conduct occurred between 2009 and 2013 while Trickey was a Branch Manager in Nelson.
The IIROC Settlement Agreement states Trickey took inadequate steps to independently assess whether increases in risk tolerance were suitable for Mannings’ clients, some of whom were seniors and were on fixed incomes. Mannings left CIBC Wood Gundy on July 2, 2013 and was fined and sanctioned in 2015 for making unsuitable recommendations.
Trickey is currently a Registered Representative at the Nelson Branch however is no longer manager.
The Settlement Agreement also states CIBC have made changes to its compliance policies and procedures and its management structure.
