IIROC settles with advisor who made personal deals with clients

On April 16, 2015, an IIROC hearing accepted the settlement agreement, including penalties, entered into between IIROC staff and Daniel Siska.

Siska admitted having engaged in personal financial dealings with several of his clients. Pursuant to the settlement agreement, Siska agreed to the following penalties:

• a fine in the amount of $15,000;
• a one-month suspension of his approval;
• 12 months of strict supervision with mandatory submission of a monthly report to the 
IIROC registration department.

He must also pass the exam based on the Conduct and Practices Handbook Course within six months
of applying for re-approval. Siska also agreed to pay IIROC costs in the amount of $3,000.

To see the settlement agreement, click here.

IIROC formally initiated the investigation into Siska’s conduct in July 2013. The violation occurred when Siska was a registered representative at the Montréal Capital branch of ScotiaMcLeod in Québec, an IIROC-regulated firm. Siska is no longer a registrant with an IIROC-regulated firm.

Staff

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