Enforcement Notice Decision For David Charles Phillips and John Russell Wilson

John Manneh September 27, 2013

8893719Following a disciplinary hearing held on September 16 and 17, 2013, in Toronto, Ontario, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that David Charles Phillips and John Russell Wilson failed to tell their clients that certain First Leaside Group products were high risk, and failed to consider the suitability of First Leaside Group products for their clients.  Phillips and Wilson were also found to have distributed misleading marketing materials for these products to their clients.  Phillips also acted in a direct conflict of interest with his clients in connection with the sale of these products.

The Hearing Panel imposed the following penalty on Mr. Phillips:

(a) Mr. Phillips is permanently barred from approval with IIROC; and
(b) Mr. Phillips is ordered to pay a fine in the amount of $2,000,000.

The Hearing Panel imposed the following penalty on Mr. Wilson:

(a) Mr. Wilson is permanently barred from approval with IIROC; and
(b) Mr. Wilson is ordered to pay a fine in the amount of $500,000.

 See the full article here. 

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