The Investment Industry Regulatory Organization of Canada announced April 21 that it has fined and suspended former Calgary investment advisor, Jamie Peter Yaskiw.
The decision follows a penalty hearing held on March 7, 2017. The following penalties have been imposed: a fine of $120,000; a two-year suspension from registration in any capacity with IIROC; strict supervision for 18 months upon any re-registration; and successful completion of the CPH examination following the conclusion of the suspension period. Yaskiw is also required to pay costs in the amount of $25,000.
In an earlier decision dated Dec. 5, 2016, an IIROC Hearing Panel found that Yaskiw “failed to know his clients, made unsuitable recommendations, and engaged in discretionary trading with respect to the accounts of three clients.”
Lost $125,000 of retirement savings
As a result of his investment recommendations, a Saskatchewan couple, who were planning to retire, lost $125,000 of their savings. “Yaskiw frequently traded in high-risk securities and employed speculative short-selling strategies in the couple's accounts – an investment strategy that was not suitable for clients entering into their retirement years,” says IIROC. In addition, he did not obtain written authorization from the couple to conduct discretionary trading in their accounts. Another client, a Calgary woman, lost approximately $41,000.
IIROC formally initiated the investigation into Yaskiw's conduct in December 2014. The conduct occurred while he was a Registered Representative with the Calgary branch of Wolverton Securities Ltd., an IIROC-regulated firm. He is no longer a registrant with an IIROC-regulated firm.