IIROC Fine TD Waterhouse Sales

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.


  • 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.