The Investment Industry Regulatory Organization of Canada (IIROC) announced this week that it has fined CIBC World Markets Inc. (CIBC) $125,000 and a B.C. branch manager, Robert Trickey, $40,000 for inadequate supervision.
IIROC says CIBC World Markets admitted that between 2009 and 2013 it failed to adequately supervise the activities of Geraldine Mannings, a registered representative, to ensure compliance with Dealer Member Rules. CIBC World Markets will also have to pay $10,000 in costs.
The regulator says Trickey has admitted that he failed to fully and properly supervise the activities of Geraldine Mannings, and he did not maintain adequate records of activity relating to the supervision of Mannings. In addition to the fine, Trickey is required to pay $5,000 in costs.
The conduct occurred while Trickey was a Supervisor at the Nelson, B.C. branch of CIBC World Markets. He is currently a Registered Representative at that branch. To learn more, consult the settlement agreement on IIROC’s website.