TORONTO, Aug. 8, 2024 /CNW/ - Following a disciplinary hearing held on July 31, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Clive Wilkins:
a) borrowed monies from clients and was indebted to clients, which gave rise to conflicts or potential conflicts of interest that he failed to disclose to the Member or otherwise ensure were addressed by the exercise of responsible business judgment influenced only by the best interests of the clients,
b) made false or misleading statements to the Member and the MFDA during the course of investigations into his conduct, and
c) failed to cooperate with an investigation into his conduct by Staff of CIRO.
The hearing panel imposed the following sanctions on Clive Wilkins:
a) a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and
b) a fine of $90,000.
Clive Wilkins is also required to pay costs in the amount of $10,000.
The hearing panel's reasons for decision will be made available at www.ciro.ca.
The Fresh as Amended Notice of Hearing and Statement of Allegations which sets out the allegations is available at:
Wilkins, Clive – Frresh as Amended Notice of Hearing and Statement of Allegations
During the period described in the Notice of Hearing, Clive Wilkins was registered in Ontario as a dealing representative with PFSL Investments Canada Ltd. Clive Wilkins is not currently registered in the securities industry in any capacity.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
SOURCE Canadian Investment Regulatory Organization (CIRO)
Joanna Nicholson, Manager, Corporate Communications and Public Affairs, [email protected], Phone: 416-943-4640
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