CALGARY,
AB, July 16, 2024 /CNW/ - Following a
disciplinary hearing held on April 29,
2024, a hearing panel of the Canadian Investment Regulatory
Organization (CIRO) under the Mutual Fund Dealer Rules found that
Susan Armitstead:
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a) misappropriated or
otherwise failed to account for client monies; and
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b) recorded false or
misleading notes in the Dealer Member's back office system or made
false or misleading statements to the Dealer Member during
supervisory inquiries.
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The hearing panel imposed the following sanctions on
Susan Armitstead:
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a) a permanent
prohibition on her authority to conduct securities related business
while in the employ of or associated with any Dealer Member of
CIRO, and
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b) a fine of
$15,000.
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Susan Armitstead is also required to pay costs in the
amount of $5,000.
The hearing panel's decision dated July
8, 2024, is available at:
Re Armitstead 2024 CIRO 60
During the period described in the Notice of Hearing,
Susan Armitstead conducted business
in the Onoway, 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)