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Investment Executive | Ontario rep fined $30,000 for due diligence failings

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The Investment Industry Regulatory Organization of Canada (IIROC) has fined an Ontario rep $30,000 for due diligence shortcomings.

On June 10, an IIROC hearing panel accepted a settlement agreement, with sanctions, between IIROC staff and Derek Axford.

Axford admitted that from April 2010 to August 2011 while he was a registered representative with a London, Ont. branch of RBC Dominion Securities, he failed to use due diligence to ensure that investment recommendations were suitable for his clients and to learn and remain informed of the essential facts relative to orders accepted when his clients purchased certain inverse exchange-traded funds.

Axford agreed to pay a $30,000 fine and be suspended from approval in any registered capacity with IIROC for four months.

Continued…

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