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Investment Industry Regulatory Organization of Canada
Symbol C : *IIROC
Recent Sedar Documents

IIROC fines, bans Industrial Alliance ex Winer

2019-07-09 20:19 ET - Street Wire

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has imposed $18,000 in penalties and a one-year ban on Philip Winer, a former Industrial Alliance Securities Inc. employee. The regulator accused Mr. Winer of "sandwich trading," a practice that involved selling and buying the same security in a short period in the accounts of clients. The trades were of no economic benefit to the clients, and resulted in extra fees and commissions.

The penalties for Mr. Winer, 71, are contained in a settlement agreement that IIROC released on Tuesday, July 9. They represent a negotiated deal, in which Mr. Winer admitted to the violations for the purposes of settling the matter. In accepting the sanctions, Mr. Winer agreed that the $18,000 amount would have been higher were it not for an inability to pay.

The violations cover a series of trades that IIROC describes as being beyond the bounds of good business practice. They occurred from 2012 to 2016 in the accounts of seven clients, with at least three of those clients being seniors. The accounts typically held DSC mutual funds (which are subject to a deferred sales charge if sold early).

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NYSE deals like NFLX, AMZN, MTCH, TWTR, all up 300-400%, even cannabis big deals since 2016 up huge returns, buy and hold...why no story of the one or two people that owned APPL since 1980's and they huge return on $100 investment holding to present day? do they exist or were they all churned out by a broker?

Posted by eh at 2019-07-09 23:56