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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has fined and suspended former National Bank Financial Inc. employee Clinton James Orr after he deliberately altered the contact information for 394 clients before leaving the firm. The alterations made it difficult for National Bank to contact the clients. This gave Mr. Orr a competitive advantage in the scramble that ensued to secure the business of those clients.
The penalties for Mr. Orr are contained in a settlement agreement that IIROC released on Thursday, Dec. 12. In the settlement, Mr. Orr has agreed to a $22,500 fine and to a 30-day suspension. He must also pay $2,500 in IIROC's costs.
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