Enforcement Notice - Decision - IIROC Sanctions RBC Dominion Securities Inc. and Former Toronto Investment Advisor Roberta Benson

TORONTO, July 27, 2021 /CNW/ - On July 7, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted Settlement Agreements, with sanctions, between IIROC staff, RBC Dominion Securities Inc. (RBC DS) and Roberta Benson.

Ms. Benson admitted that she failed to use due diligence to learn and remain informed of essential facts relative to clients.

Specifically, Ms. Benson admitted to the following violation:

(a)   Between March 2007 and July 2015, Benson failed to use due diligence to learn and remain informed of the essential facts relative to several clients, contrary to Dealer Member Rule 1300.1(a).

Pursuant to the Settlement Agreement, Ms. Benson agreed to the following penalty:

(a)  A fine of $30,000; and

(b)  A five-year suspension.

Ms. Benson also agreed to pay costs in the amount of $10,000.

RBC DS admitted failure to supervise Benson. Specifically, RBC DS admitted to the following violation:

(a)   Between March 2007 and July 2015, RBC DS failed to adequately supervise the activities of its Registered Representative, Benson, in connection with the accounts of a client, contrary to Dealer Member Rules 2500 and 38.1.

Pursuant to the Settlement Agreement, RBC DS agreed to the following penalty:

(a)   A fine of $350,000.

RBC DS also agreed to pay costs in the amount of $50,000.

IIROC formally initiated the investigation into Benson's conduct in September 2018.The conduct occurred while she was a Registered Representative with RBC DS, an IIROC-regulated firm.  Benson is no longer a registrant with an IIROC-regulated firm.

IIROC formally initiated the investigation into RBC DS's conduct in March 2019. 

The Settlement Agreements are available at:

Benson, Roberta - Settlement Agreement 

RBC Dominion Securities Inc. - Settlement Agreement

The Hearing Panel's decision will be made available at www.iiroc.ca.

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

Enforcement Contact: Charles Corlett, Vice-President, Enforcement, 416 646-7253, [email protected]; Media Contact: Evelyn Tchakarov, Public Affairs Specialist, [email protected]

Related Links

www.iiroc.ca