IIROC rep fined $45,000

An IIROC hearing panel reached a settlement agreement involving a $45,000 fine for registered rep Matteo Marricco.

IIROC says the fine includes the net commissions earned by Marricco following trades executed in one of his client’s accounts. Marricco, a representative with CIBC World Markets Inc., also agreed to pay costs in the amount of $5,000. The settlement agreement was reached at a hearing in December and covered violations that happened between 2006 and 2013.

“Mr. Marricco admitted to having executed discretionary trades in the accounts of three clients, making investment recommendations that were not suitable for a client, as well as failing to use due diligence to learn and remain informed of the essential facts relative to a client,” an IIROC release said.

CIBC had imposed its own disciplinary measures, including a fine, rewriting the Conduct and Practices Handbook Examination and additional supervision for 13.5 months.

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