CALGARY, AB, May 24, 2024 /CNW/ - On May 9, 2024, a panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing pursuant to the Mutual Fund Dealer Rules and accepted a settlement agreement, with sanctions, between Enforcement Staff and Benjamin Thomas Banks.

Benjamin Banks admitted that he engaged in discretionary trading without obtaining client instructions between July 2020 and November 2020 and failed to verify and record client trade instructions between January 2020 and May 2021.

Pursuant to the settlement agreement, Benjamin Banks agreed to a fine of $12,500 and costs in the amount of $5,000.

The Settlement Agreement is available at:                                                                            

Banks, Benjamin – Settlement Agreement

The hearing panel's decision will be made available at www.ciro.ca.

At all material times, Benjamin Banks conducted business in the Calgary, Alberta area.

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.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make 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.

SOURCE Canadian Investment Regulatory Organization (CIRO)