The Investment Industry Regulatory Organization of Canada (IIROC) announced May 24 that a hearing panel has accepted a settlement agreement, with sanctions, between IIROC and Martin Wendall Matthews and Arnold Ward Francis.
Matthews and Francis each admitted that between March 2012 and July 2012 they accepted remuneration from someone other than their Dealer Member firm, says the regulator.
Matthews and Francis agreed to a total fine of $99,600 (which includes a disgorgement of $84,600). They also agreed to pay costs in the amount of $5,000.
To learn more, consult the settlement agreement on IIROC’s website.