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CIRO issues penalties, citing gatekeeper failures

Image of a passenger bus reading "Canada."
Photo: Cole Burston/Getty Images

Julie DiMauro

2 min read
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CIRO alleges a firm failed to adequately supervise the US over-the-counter securities trading by two foreign broker-dealer clients.

A Toronto-based business agreed to pay a fine of $500,000, disgorgement of $1,500,000, and costs of $50,000 after allegedly failing to adequately supervise more than $340m in US over-the-counter (OTC) securities trades by two offshore clients.

A Canadian Investment Regulatory Organization (CIRO) hearing panel accepted a settlement agreement finding that Independent Trading Group

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