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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has imposed a $70,000 penalty on Shane Dubin, a former Scotia Capital Inc. employee, over a high-risk options strategy. IIROC says that Mr. Dubin's strategy, which he ran through another firm without the knowledge of his employer, inflicted heavy losses on his clients. The strategy fell apart during market volatility in early 2018.
The penalty for Mr. Dubin is contained in a settlement agreement that IIROC released on Friday, June 7. The $70,000 that he must pay includes a $60,000 fine and $10,000 in IIROC's costs. He must also rewrite the Conduct and Practices Handbook exam within three months. The penalties represent a negotiated settlement, in which Mr. Dubin has admitted to the conduct at issue.
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