Advisor.ca | Rep to pay $10,000 for faulty KYC
Following a disciplinary hearing held on March 18, 2013, in Saskatoon, Sask., a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that James Dale Lambert was liable of failing to use due diligence to learn the essential facts relative to investments in a financial product he recommended to clients, and failing to ensure they were suitable for clients.
Following penalties were imposed:
a. A global fine of $10,000
b. Successful re-write of the Conduct and Practices Examination within six months of returning to industry
c. Six months of close supervision upon return to the industry
Lambert is also required to pay costs in the amount of $3,000.