IIROC rep fined $15,000

On June 26, 2013, an IIROC hearing panel of accepted a Settlement Agreement, with sanctions, between IIROC staff and Paul Frederick Richardson.

Richardson admitted he failed to fully and properly supervise a registered representative at his branch. Specifically, he admitted to the following violation:

(a) Between December 2007 and July 2009, Richardson, a branch manager, failed to fully and properly supervise Stephen Robert Peirson, a registered representative at his branch, and his client account activities contrary to IIROC Dealer Member Rules 1300.2 and 2500 (IDA Regulation 1300.2 and Policy No. 2 prior to June 1, 2008).

Pursuant to the Settlement Agreement, Richardson agreed to the following penalty:

(a) A fine in the amount of $15,000;

(b) A suspension from registration approval as a supervisor for a period of one month; and

(c) Successfully re-write the Branch Managers Course within 12 months of the acceptance of the Settlement Agreement.

Richardson also agreed to pay costs in the amount of $2,000.

Staff

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