(Saltwire) - Halifax wealth adviser Lee Harwood will pay a fine of $40,000 and costs of $5,000 for making “off-book investments for various clients without authorization.”
The self-regulatory arm that oversees investment dealers, mutual fund dealers and trading activity in Canada's debt and equity marketplaces said in a release that Harwood admitted to a violation that took place in July 2018.
An investigation into the misconduct began in May of 2020, and a settlement was reached last week.
Harwood at the time was employed by the Halifax branch of Scotia Capital Inc., and remains within the industry in a registered capacity at the Halifax branch of BMO Nesbitt Burns Inc.
He made investments for various clients without the authorization of his dealer member. In addition to the fine, Harwood also agreed in the settlement to close supervision for six months and to rewrite a conduct and practices exam.
By Saltwire
May 1, 2023
