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IIROC fines CIBC, branch manager $180,000

2018-09-25 20:51 ET - Street Wire

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by Mike Caswell

CIBC World Markets Inc. and one of its former branch managers have agreed to pay $180,000 to settle a case over supervision failures. The Investment Industry Regulatory Organization of Canada cited the firm for problems at its branch in Nelson, B.C., where one employee concentrated the holdings of most of her clients in riskier mining companies. The troubles lasted for about four years, and in many instances involved clients who were retired and on limited income.

The penalties are contained in a settlement agreement that IIROC released on Tuesday, Sept. 25. They stem from problems surrounding one investment adviser, Geraldine Mannings, who had worked in the industry since June, 1967. During the period at issue, Ms. Mannings was at CIBC's Nelson branch and was under the supervision of Robert Trickey.

According to IIROC, Ms. Mannings was repeatedly flagged by CIBC's compliance staff for trades that may not have been suitable for her clients. The problems began in October, 2009, and appeared on and off until she left the firm in 2013. Despite the repeated nature of the problem, CIBC and Mr. Trickey never fully addressed the issue, the settlement states. In most cases, they simply updated the profiles of the clients, and made no other changes.

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Competency in the brokerage field has to be measured against overall stock market growth. If since 2016, Netflix is from 82$ to 360+$, and the Dow doubles and your broker hasn’t returned you 100% of your investment in 2016, they need their licences pulled by the government. If you drive everyday and smash another car your licence definitely be gone and in jail.idiots masquerading as financial wizards are like snake oil salesmen of old, Problem is the same type of idiots running risky mining companies, how can goldcorp ceo say he thinks they found all the gold... no arrest yet for that idiot comment?

Posted by Duh at 2018-09-26 11:32


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