Rep fined $80,000 for taking client funds

On October 23, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Gurpreet Pawar.

Pawar admitted he acted contrary to dealer member Rule 29.1 by misappropriating approximately $95,000 from four individuals.

Pursuant to the settlement agreement, Pawar agreed to the following penalties:

a) A permanent ban from re-applying for registration in any capacity; and

b) An $80,000 fine to IIROC.

Pawar also agreed to pay costs in the amount of $5,000.

Read the settlement agreement.

IIROC formally initiated the investigation into Pawar’s conduct in November 2010. The alleged violations occurred when he was a registered representative with the Vancouver branch of Credential Securities Inc., an IIROC-regulated firm. Pawar is no longer a registrant with an IIROC-regulated firm.

Staff

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