BCSC panel fines Victoria broker $100,000 for contravening IIROC suitability rules
VANCOUVER, Jan. 17, 2014 /CNW/ - A British Columbia Securities Commission panel has sanctioned Victoria broker Carolann Steinhoff. In August 2013, a commission panel confirmed an IIROC panel's decision that Steinhoff made recommendations to a Victoria couple that were not suitable for the couple's investment objectives. The panel deferred its decision on the associated IIROC penalty decision pending further submissions from the parties.
In its sanctions decision, the commission panel ordered Steinhoff to pay disgorgement of commissions of $6,813, costs of $20,000 and a fine of $100,000. The commission panel ruled out a suspension, noting that, "the penalty we are imposing is appropriate in the circumstances and will adequately deter Steinhoff and other registrants from failing to meet suitability requirements."
You may view the sanctions decision on our website (www.bcsc.bc.ca) by typing Carolann Steinhoff or 2014 BCSECCOM 23 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission