(Toronto) Canada’s investment products regulator says it imposed more than $14 million in fines and other financial measures in its last fiscal year.
The Investment Regulatory Organization of Canada (IROC) says the total also includes sanctions imposed and forced restitution of ill-gotten profits.
The regulator says it has also ordered suspensions and permanent bans in a significant proportion of proceedings against individuals.
Enforcement efforts included a $2 million fine against Fortrade Canada for recommending a high-risk product to unsophisticated retail clients, as well as a $1.7 million fine and permanent ban from securities-related activities against Paul Walker for a series of professional misconduct.
In the latter case, the report highlights that he solicited investments of $1,533,772 while carrying out external professional activities, did not declare conflicts of interest and borrowed money from a client that he did not repay.
OCRI was created in early 2023 through the combination of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada.
The new self-regulatory organization says it is focused on harmonizing its regulatory approach to create more consistency and speed in enforcement actions.