On Nov. 14, IIROC fined TD Waterhouse C$140k on sales practice.
- TD Waterhouse admitted failing to supervise its former-broker, David Gary Durno.
- Durno did not address clients’ best interests, in strategy in 2 accounts for seniors.
- Broker made large commissions for himself and his firm but reduced client profits.
- Firm failed to supervise employee, contrary to dealer member Rule 38.1 and 2500.
Settlement
- Peer Settlement agreement, Jul. 30, 2018, firm to pay C$140k and costs of C$10k.
- IIROC formally initiated the investigation into the dealer's conduct, from Nov. 2017.
