|VANCOUVER - The Investment Industry Regulatory Organization of Canada says Canaccord Genuity Corp (TSX:CF) has agreed to fines and other penalties totalling more than $1.1 million related to allegations of inadequate supervision of retail account activity. The IIROC says Canaccord will pay a fine of $750,000, plus an additional $310,000 for disgorged commissions. It will also contribute $50,000 towards the IIROC's investigation costs.|
The settlement arose from allegations of failing to adequately monitor first-level supervision of such accounts and by failing to have effective second-tier supervision from 2005 through 2010."
| Its back to the wicked large and systemic problems with the Venture bordello and they don't come any bigger than the whores at Cannakrap. A horse of course we are talking about the "accredited investors" loophole that has seen a vast multitude of public types get fleeced by utter fukkin scumbags for many years.|
"The IRROC also alleged that between June 2009 andFebruary 2001 Canaccord refused to adopt procedures to reasonably assure itself that its clients who purchased private placements were “accredited investors.”"