A former investment adviser from Red Deer has agreed to a $500,000 fine after admitting he solicited nearly $700,000 from clients for “attractive investment opportunities” but put the money directly into his own bank account.
Investment Industry Regulatory Organization of Canada settlement
Shaun Wayne Howell, who was terminated from his employment with RBC Dominion Securities Inc. in March 2015, has also admitted borrowing $50,000 from a client without the knowledge of his firm. A three-member hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between IIROC staff and Howell on Nov. 21. IIROC issued a news release about the settlement Friday.
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