Vancouver advisor also failed to disclose confidential information about a security to his firm before trading
A Vancouver investment advisor has been fined $20,000 plus costs and suspended from approval in any capacity for 30 days.
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement with sanctions between IIROC Staff and Zubin Justin Driver.
Driver was a Registered Representative with the Vancouver branch of Canaccord Capital Corp., Jordan Capital Markets Inc. and Mackie Research Capital Corporation, when the violations occurred. He is currently with Mackie.
IIROC says that Driver accepted trading instructions without written client authorization and failed to disclose confidential information about a security to his firm before trading in it.
The specifics of the violations are:
(a) Between May 2013 and July 2014, Mr. Driver acted contrary to Dealer Member Rule 200.2(m)(iii) by accepting trading instructions in a client account from a person other than the client, without the client's written authorization; and
(b) In April 2014, Mr. Driver acted contrary to Dealer Member Rule 29.1 when he failed to follow his firm's policies and procedures regarding the receipt and use of confidential information regarding a proposed reverse takeover target of a public company.
IIROC’s investigation was formally initiated in January 2016 and the 30-day suspension began on March 9, 2020.
Hearing for Winnipeg advisor
IIROC has also announced that a hearing panel will take place on March 18 to consider whether to accept a Settlement Agreement entered into between IIROC staff and Thomas William Dunn.
The agreement concerns allegations that Mr. Dunn engaged in a short-term trading strategy that was inconsistent with good business practices and not suitable for two clients.
Dunn is currently a Registered Representative at the Winnipeg branch of PI Financial Corp. but when the investigation was initiated in 2016 he was a Registered Representative and a Portfolio Manager with the Winnipeg branch of CIBC World Markets Inc.
