As per the Settlement Agreement, the Client opened an RRSP and LIRA Account with MAT on or around December 23, 2018. The client was born in 1963, making him almost 59 years old.
In NAAF, the client’s risk tolerance was set at 100% medium to high risk tolerance, and the investment objective was 100% earnings and growth. On or around May 9, 2019, the client’s investment objectives for both accounts were revised to reflect 70% earnings and growth, 30% speculative.
After that, IIROC said that Matt made 49 trades in two accounts. They did not discuss any transactions with the customer in advance, nor were any accounts accepted as approved and discretionary accounts.
Matt admitted to IIROC employees that he conducted trades on a discretionary basis. IIROC noted that he did not receive any financial gain from the trades.
By engaging in discretionary trades without first approving the account as discretionary accounts, Matt violated IIROC Dealer Member Rules 1300.4 and 1300.5. He is not the IIROC registrant since August 9, 2020.
