The Investment Industry Regulatory Organization of Canada has fined Toronto investment advisor Sheron Crane (also known as Sheron Lau) $65,000 plus costs of $5,000.
In a May 8 statement, IIROC says Crane “admitted that she made unsuitable recommendations when implementing extensive margin use and leveraged investing in the accounts of two retired seniors. She also used a personal email address to communicate with her clients and deleted client communications.”
As part of a settlement agreement, in addition to the fine and costs, Crane received a suspension of 30 days and is subject to six months of close supervision upon re-registration.
IIROC formally initiated the investigation into Crane’s conduct in March 2017. The conduct occurred while she was a representative with the Toronto branch of Industrial Alliance Securities Inc., an IIROC-regulated firm, where she is still employed, stated the regulator. To learn more, consult the settlement agreement.