The Investment Industry Regulatory Organization of Canada (IIROC) has fined David Durno, a Toronto financial advisor, $150,000.
“Mr. Durno admitted he did not address his clients' best interest 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 IIROC.
Under close supervision
In addition to the fine, Durno will be under close supervision until December 2018 and has agreed to pay costs of $5,000.
IIROC formally initiated the investigation into Durno's conduct in May 2016. The conduct occurred while he was a representative with the Toronto, Ontario branch of TD Waterhouse Canada. He is currently registered with Canaccord Genuity Corp.
To learn more, consult the settlement agreement on the regulator’s website.