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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has begun proceedings against former iA Private Wealth Inc. employee Dominic Spooner, citing him for improperly accepting a commission. IIROC claims that he put a handful of individuals into a private placement and accepted fees directly from the issuer, without the approval of his firm. His actions amounted to what IIROC calls off-book remuneration.
The allegations are contained in a brief notice of hearing that IIROC released on Nov. 11, 2022. The sole respondent is Mr. Spooner, who had been employed in the industry since 1988. He was at iA Private Wealth from October, 2014, until he resigned in April, 2020.
The events at issue, as set out by IIROC, go back to Jan. 29, 2018, when Mr. Spooner was involved in a private placement for C21 Investments Inc., a cannabis listing on the Canadian Securities Exchange. According to IIROC, Mr. Spooner had placed several iA clients into the private placement, and had sought to place some non-clients into the financing as well. (The company raised $33.5-million through a private placement in early 2018, with the financing coming amidst much hype surrounding cannabis stocks.)
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