The Investment Industry Regulatory Organization of Canada (IIROC) has sanctioned Toronto advisor Graeme Robert Kirkland with a fine of $90,000.

In an announcement issued Jan. 11, IIROC says Kirkland has admitted that he failed to consider and address a potential material conflict of interest between himself and his clients that resulted from his recommendations and purchases of securities in new issues that were offered for sale by his employer. He then did not escalate a client’s written complaint to his employer.

In addition to the fine, Kirkland will have to pay $10,000 in costs. To learn more, the settlement agreement can be consulted on IIROC’s website.