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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has imposed $65,000 in financial penalties on Sam Deones Panzures, an employee of HollisWealth who partly managed a $400-million book of business. IIROC says that Mr. Panzures sought and received tickets to concerts and other events from mutual fund companies, with those tickets being worth $32,260. The tickets came at a time when the majority of his clients' assets were in those companies' mutual funds, according to IIROC.
The penalty for Mr. Panzures is contained in a settlement agreement that IIROC released on Tuesday, Oct. 9. He must pay a $60,000 fine and $5,000 in IIROC's costs. The penalties are on top of $28,340 that he previously paid toward the tickets after the Ontario Securities Commission began looking into the matter.
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