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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has imposed a permanent ban and $145,000 in financial penalties on Kenneth Edward Smith, a former employee at the Nanaimo branch of Queensbury Securities Inc. The regulator found that Mr. Smith had undisclosed financial dealings with clients. Among other things, he jointly owned an outside business with a client and had another client lend money to that business.
The penalties, handed down by IIROC on Tuesday, June 5, stem from events that occurred between 2014 and 2016. At the time, Mr. Smith had worked for Queensbury for just a few years, joining the firm in 2011. He ran a one-man branch in Nanaimo, a larger municipality on Vancouver Island.
The penalties relate in part to a private chrome finishing company that Mr. Smith set up in May, 2014, along with a client that IIROC only identifies as "TC." The company purported to be in the business of applying chrome and graphic finishes on automobiles and motorcycles. The address of this business was in the same building as Queensbury's Nanaimo branch.
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