An advisor has been banned by the New SRO for 10 months and fined a complete of $60,000 after he lied to investigators about receiving purchasers’ approval for trades.
In January and February of 2020, when Paul Maurice was registered with CIBC Wood Gundy, he was discovered to have engaged in discretionary buying and selling within the joint account of two purchasers, with out this account having been beforehand accepted and accepted as discretionary. He additionally then misled enforcement employees as to telephone calls he supposedly made to purchasers to substantiate these trades.
Whereas his supplied notes detailed calls with the purchasers, no timings had been included. He testified at a listening to how he spoke with one shopper on their cell at 7am one morning to substantiate the trades, however upon investigation it was found that the shopper had really misplaced their telephone at the moment. Rogers Name Element Data revealed that no calls had been made to the purchasers on the times of the trades.