CALGARY,
AB, July 5, 2024 /CNW/ - Following a
settlement hearing held on May 9,
2024 pursuant to the Mutual Fund Dealer Rules, a hearing
panel of the Canadian Investment Regulatory Organization
(CIRO) found that Benjamin Thomas Banks engaged in
discretionary trading without obtaining client instructions between
July 2020 and November 2020 and failed to verify and record
client trade instructions between January
2020 and May 2021.
The hearing panel issued its reasons for decision on
June 25, 2024, which are available
at: Re Banks 2024 CIRO 59
In its reasons for decision, the hearing panel confirmed the
$12,500 fine and costs of
$5,000 imposed on Benjamin Banks.
At all material times, Benjamin
Banks conducted business in the Calgary, Alberta area.
The Canadian Investment Regulatory Organization (CIRO) is the
national self-regulatory organization that oversees all investment
dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is
committed to the protection of investors, providing efficient and
consistent regulation, and building Canadians' trust in financial
regulation and the people managing their investments. For more
information, visit www.ciro.ca.
All information about disciplinary proceedings relating to
current and former member firms and individual registrants under
the Investment Dealer and Partially Consolidated Rules (for
investment dealers), the Mutual Fund Dealer Rules (for mutual fund
dealers) and the Universal Market Integrity Rules (UMIR) is
available on CIRO's website.
Background information regarding the qualifications and
disciplinary history, if any, of advisors currently employed by
CIRO-regulated investment firms is available free of charge through
the AdvisorReport service. Information on how to make
dealer, advisor or marketplace-related complaints is available by
calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and
individual registrants. It can bring disciplinary proceedings which
may result in sanctions including fines, suspensions, permanent
bars, expulsion from membership, or termination of rights and
privileges for individuals and firms.
SOURCE Canadian Investment Regulatory Organization (CIRO)