TORONTO, Nov. 20, 2024 /CNW/ - On November 8, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) held a settlement hearing pursuant to the Mutual Fund Dealer Rules and accepted a settlement agreement, with sanctions, between Enforcement Staff and Karen Elisabeth Puzara.
Karen Puzara admitted she borrowed monies from a client and thereafter was indebted to the client, which gave rise to a conflict or potential conflict of interest that she failed to disclose or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client
Pursuant to the settlement agreement, Karen Puzara agreed to a fine of $25,000 and a suspension from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO for a period of three months.
Karen Puzara will also pay costs of $5,000.
The Settlement Agreement is available at:
Puzara, Karen – Settlement Agreement
The hearing panel's decision will be made available at www.ciro.ca.
The violations occurred while Karen Puzara conducted business at HollisWealth Advisory Services Inc. in the London, Ontario area. Karen Puzara continues to be employed within the industry in a registered capacity, currently with Investia Financial Services Inc.
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)
Kate Morris, Senior Corporate Communications and Public Affairs Specialist, [email protected], Phone: 416-779-8301
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