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Regina investment advisor fined $140,000 for unsuitable investment advice
A keyboard is seen in this undated file photo.
Published Friday, November 23, 2018 11:00AM CST
An investment advisor in Regina has been fined $140,000 for giving unsuitable investment advice.
Rodney Joseph Nieswandt was handed the fine by the Investment Industry Regulatory Organization of Canada (IIROC) in September.
The IIROC says a panel found Nieswandt had given bad investment advice to four senior clients. The recommendations resulted in deferred sales charges and early redemption fees. Additionally, the panel found that Nieswandt was conducting unauthorized trades on his client’s accounts.
The IIROC began the investigation in 2016. The violations happened when Nieswandt was working in Regina for CIBC World Markets, Inc., a firm regulated by the IIROC.
Nieswandt has also been permanently banned from registering with the IIROC.