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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has fined former Desjardins Securities Inc. employee Fernando Pace $25,000 after he carried out more than 700 discretionary trades in the accounts of a client over a four-year period. IIROC says that Mr. Pace carried out the trades while not being authorized to handle discretionary accounts. Mr. Pace received the fine despite the fact that the client made $1.4-million from the trading.
The penalty for Mr. Pace is contained in a brief settlement agreement that IIROC released on Monday, April 8. In addition to the $25,000 fine, Mr. Pace must pay $5,000 in IIROC's costs. He must also rewrite the Conduct and Practices Handbook exam within six months.
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