Calgary (Alberta), August 23, 2023 – Following a settlement hearing held on July 19, 2023, in Toronto, Ontario, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) found that John Reyes failed to use due diligence to ensure that investment recommendations were suitable for two clients.
The hearing panel’s decision, dated August 7, 2023, is available at:
In its Reasons for Decision, the hearing panel confirmed the sanctions imposed on the Respondent. In particular, Mr. Reyes agreed to the following:
- a fine of $22,641;
- disgorgement of commissions in the amount of $9,000; and
- six months of close supervision.
The respondent is also required to pay costs in the amount of $5,000.
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All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment 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.
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.