The Investment Industry Regulatory Organization of Canada (IIROC) announced Jan. 19 that it has sanctioned Adam William Woodward with a fine of $450,000 and a permanent ban from registration in any capacity with IIROC. Woodward is also required to pay costs in the amount of $50,000.
IIROC says it formally began investigating Woodward's conduct in November 2015 and that the alleged violations occurred while he was a Registered Representative with the Calgary branch of Richardson GMP Limited. Woodward is no longer a registrant with an IIROC-regulated firm.
Personal financial dealings
The allegations made by IIROC against Woodward included failing to use due diligence to ensure that investment recommendations were suitable for seven clients; engaging in discretionary trading with respect to the accounts of seven clients without being authorized and approved to do so; and engaging in personal financial dealings with a client.
To learn more, consult the notice of hearing and statement of allegations available on IIROC’s website.