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Canaccord Genuity Group Inc
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Close 2016-01-20 C$ 4.35
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IIROC cites Thai after $2.7-million in client losses

2016-01-20 20:44 ET - Street Wire

See Street Wire (C-*IIROC) Investment Industry Regulatory Organization o

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has imposed $70,000 in financial penalties and an 18-month suspension on former Canaccord Genuity Corp. employee Thomas Thong Thai. The regulator says that he placed five clients, most nearing or at retirement age, into overly risky investments. Over a six-year period the clients lost $2.7-million in total.

The sanctions for Mr. Thai are contained in a settlement IIROC announced on Wednesday, Jan. 20. The agreement, in which Mr. Thai has admitted to the allegations, describes how he made unsuitable investment recommendations to a group of clients from 2006 through 2012. Among other things, he placed them into risky leveraged ETFs, a product he did not completely understand. He undertook most of the trades on a discretionary basis.

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this is quite ironic that the industry is asking for IIROC's resignation from BC and asking for a complete overhaul of BCSC. Here is the article read it for yourself and be the judge.

http://resourceclips.com/2015/08/14/scrap-iiroc-fix-the-bcsc/

http://resourceclips.com/2015/08/13/strangulation-by-regulation-the-death-knell-for-b-c-jobs/

Posted by pissed of shareholder at 2016-01-21 08:13

Read OIPC BC Order F15-08. https://www.oipc.bc.ca/orders/1760 and OIPC Order F14-24. https://www.oipc.bc.ca/orders/1668 These two Orders by the BC Privacy and Information Commission clearly show that BCSC staff will intentionally with hold evidence. Read it for yourself and be the judge.

When the main regulator is acting irresponsibly than why should the broker not make up his/her own rule book as he or she sees fit? IMO common sense cannot be regulated. But these regulators are trying to regulate common sense but it is turning out to be job security and work creation for a whole pile of entrenched government employees.

Good luck investing.

Posted by pissed of shareholder at 2016-01-21 08:21

The broker's first mistake was to invest even a single dollar in the the stock market. Was there not any physical gold and silver he could suss out...as that would clearly show he cared for his clients financial well being.

Posted by Phat Dean at 2016-01-21 09:35

Hard to understand how this fellow ever got a job in the business. Not knowing is worse than knowing and doing it anyway!

Posted by Backseat Driver at 2016-01-21 19:45

@ChinLin also Read OIPC BC Order F15-08. https://www.oipc.bc.ca/orders/1760 and OIPC Order F14-24. https://www.oipc.bc.ca/orders/1668 These two Orders by the BC Privacy and Information Commission clearly show that BCSC staff will intentionally with hold evidence. Read it for yourself and be the judge.

When the main regulator is acting irresponsibly than why should News Reporters not make up his/her own rule book as he or she sees fit? IMO common sense cannot be regulated. But these regulators are trying to regulate common sense but it is turning out to be job security and work creation for a whole pile of entrenched government employees.

Good luck investing.

Posted by pissed of shareholder at 2016-01-28 10:28


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