The Investment Industry Regulatory Organization of Canada (IIROC) announced Nov. 14 that it has fined TD Waterhouse Canada $140,000 plus $10,000 in costs.
TD Waterhouse Canada admitted failing to adequately supervise its former employee, David Gary Durno, says IIROC.
In a settlement agreement with IIROC accepted this summer, Durno admitted that he did not address his clients' best interests when he implemented an active trading strategy in two senior clients' accounts. This strategy generated large commissions for himself and his firm but reduced client profits, stated the regulator.
To learn more, consult the settlement agreement on the regulator’s website.