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IIROC pursues Haywood ex Stock for excessive trades

2021-04-05 20:47 ET - Street Wire

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has filed a case against former Haywood Securities Inc. employee Thomas Robert Stock, citing him for excessive and unsuitable trades in the accounts of a client who had recently received money through her divorce. One of her accounts, which was worth $359,932 (U.S.), saw $3.3-million (U.S.) in trading, according to the regulator. The client's commissions were more than double her profits, IIROC contends.

The allegations are contained in a notice of hearing that IIROC released on April 1, 2021. The sole respondent is Mr. Stock, who worked at Haywood until the firm dismissed him in February, 2019. The reason for his dismissal is not stated in the notice, but IIROC says that Haywood terminated him "in good standing."

The case stems from a client who had opened accounts with Mr. Stock in June, 2016. Her accounts were relatively small until April, 2017, when she was divorced. That month, she transferred $354,000 (U.S.) in securities and $175,023 (Canadian) in cash to her accounts.

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