22:31:52 EDT Sun 23 Sep 2018
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Investment Industry Regulatory Organization of Canada
Symbol C : *IIROC
Recent Sedar Documents

IIROC permanently bans Scerbo, fines him $485,000

2018-03-08 20:10 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The Investment Industry Regulatory Organization of Canada has imposed a permanent ban and $485,000 in financial penalties on former RBC Dominion Securities Inc. employee Gennaro (Gerry) Scerbo. The regulator found that Mr. Scerbo forged his wife's signature in order to misappropriate $271,000 from her account. He also failed to co-operate with a subsequent IIROC investigation.

The penalties for Mr. Scerbo are contained in a decision that IIROC released on Wednesday, March 7. The sanctions come after a one-day hearing that IIROC held for Mr. Scerbo on Nov. 9, 2017, which he did not attend. His $485,000 penalty includes a $420,000 amount for taking money from his wife's account, a $50,000 fine for failing to co-operate with IIROC's investigation and $15,000 in IIROC's costs. He is also permanently banned from working in any registered capacity.

The case against Mr. Scerbo, as set out in a Sept. 13, 2017, notice of hearing, stemmed from his repeated forgery of his wife's signature over a four-year span. According to IIROC, he forged his wife's signature on RRSP deregistration forms in order to misappropriate money from her account.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2018 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.