CIRO Hearing Panel issues Reasons for Decision in the matter of Benjamin Thomas Banks

24-0211
Type:
Decision Notice
Rulebook connection
MFDR

Contact

Calgary (Alberta), July 5, 2024 – Following a settlement hearing held on May 9, 2024 pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Benjamin Thomas Banks 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.

The hearing panel issued its reasons for decision on June 25, 2024, which are available at:

Re Banks 2024 CIRO 59

In its reasons for decision, the hearing panel confirmed the $12,500 fine and costs of $5,000 imposed on Benjamin Banks.

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.

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24-0211
Type:
Decision Notice
Rulebook connection
MFDR

Contact

Other Notices associated with this Enforcement Proceeding: