By The Book:

(September 16, 2008) The Investment Industry Regulatory Organization of Canada (IIROC) has convened a hearing panel to meet on October 28 to determine the penalty for Paul Patrick Futher.

Futher has admitted that between 2002 and 2006, he conducted discretionary trades in a client’s account without the client’s knowledge, nor was the account approved by his firm for discretionary trading.

Futher also admitted that, over the same period, he failed to ensure that the recommendations he made for the aforementioned client were appropriate, given the client’s investment objectives and risk tolerance.

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IIROC sanctions B.C. advisor

(September 16, 2008) IIROC has released the decision of a hearing panel convened on March 6, 2008, finding that Ron Aloni, formerly a registered representative with Raymond James, failed in his due diligence for 35 client RRSP accounts.

Aloni facilitated the purchase of shares of two private companies in the RRSP accounts of as many as 35 clients in non-brokered private placement (NBPP) transactions.

Aloni has been suspended for 30 days, and must pay a fine of $10,000, as well as $5,000 in costs. He is currently registered with Leede Financial Markets Inc.

(09/16/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.