MONTRÉAL , Dec. 18, 2024 /CNW/ - On December 4, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing pursuant to the Investment Dealer and Partially Consolidated Rules and accepted a settlement agreement, with sanctions, between Enforcement Staff and Omar Gouda.
Omar Gouda admitted he failed to use due diligence to ensure the recommendations made to a client were suitable and engaged in excessive trading in the accounts of that client, which was not within the bounds of good business practice.
Pursuant to the settlement agreement, Omar Gouda agreed to the following sanctions:
a) a fine of $25,000,
b) disgorgement of $7,693, representing the commissions he collected in this matter,
c) the obligation to pass the Conduct and Practices Handbook Course examination within 60 days of the acceptance of the settlement, and
d) strict supervision for a period of 6 months.
Omar Gouda will also pay costs of $2,500.
The Settlement Agreement is available at:
Gouda, Omar – Settlement Agreement
The hearing panel's decision will be made available at www.ciro.ca.
At the times of the contraventions, Omar Gouda was a Registered Representative at Research Capital Corporation, a CIRO-regulated firm. Omar Gouda is currently employed by and registered with another CIRO-regulated firm.
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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