News Release
Port Coquitlam mutual fund dealer pays $20,000 to commission
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Date:
2002-06-25 -
Number:
2002/42
Vancouver – A suburban Port Coquitlam mutual fund dealer has paid the British Columbia Securities Commission $20,000 for failing to comply with securities rules in dealing with client accounts.
Under the settlement reached with Ascot Financial Services Ltd., Reid Marvin Liske, Ascot’s president and compliance officer, has been barred from acting as a compliance officer for at least three years.
During several compliance exams of Ascot, BCSC staff found that the dealer failed to establish and apply prudent business procedures for dealing with clients. Commission staff determined that from 1995 to 2000, the firm’s compliance officer and branch managers failed to properly approve the opening of some new client accounts and to supervise certain transactions made. Ascot’s salespeople also failed to determine suitability by not asking some of their clients about their investment needs and objectives.
Ascot was warned about these breaches in October 1995 but did not do anything about them.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.