Series of regulatory violations leads to substantial fine and end of advisor’s career
A former advisor has been given the ultimate punishment from an industry regulator.
The Investment Industry Regulatory Organization of Canada (IIROC) has slammed the door on the career of Wasseem Dirani after they ruled that he misappropriated funds from clients, as well as committing a number of other regulatory violations. Dirani has been banned by the investment industry, fined $266,000 and ordered to pay $12,000 in costs.
The penalty was handed out by the IIROC hearing panel after it judged that Dirani “misappropriated funds from clients, executed unauthorized trades in client accounts and engaged in personal financial dealings with clients”. It was also noted that Dirani had failed in his co-operation with the investigation.
The fine is broken down as follows: $50,000 for personal financial dealings with clients; $50,000 for not co-operating with the investigation; $30,000 for unauthorized trading; and $136,000 for misappropriation.
Back in 2014, Dirani had settled allegations with the IIROC as he admitted to engaging in undisclosed personal business with a client without the knowledge of his firm, as well as suitability failures. As part of that settlement, he agreed to a $40,000 fine, $5,600 in costs and 12 months of supervision.
However, now Dirani is no longer registered in the industry.
The Investment Industry Regulatory Organization of Canada (IIROC) has slammed the door on the career of Wasseem Dirani after they ruled that he misappropriated funds from clients, as well as committing a number of other regulatory violations. Dirani has been banned by the investment industry, fined $266,000 and ordered to pay $12,000 in costs.
The penalty was handed out by the IIROC hearing panel after it judged that Dirani “misappropriated funds from clients, executed unauthorized trades in client accounts and engaged in personal financial dealings with clients”. It was also noted that Dirani had failed in his co-operation with the investigation.
The fine is broken down as follows: $50,000 for personal financial dealings with clients; $50,000 for not co-operating with the investigation; $30,000 for unauthorized trading; and $136,000 for misappropriation.
Back in 2014, Dirani had settled allegations with the IIROC as he admitted to engaging in undisclosed personal business with a client without the knowledge of his firm, as well as suitability failures. As part of that settlement, he agreed to a $40,000 fine, $5,600 in costs and 12 months of supervision.
However, now Dirani is no longer registered in the industry.
