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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has imposed a six-month ban and $55,000 in financial penalties on Steven Fred Bodon, a brokerage employee of 31 years. The regulator said that Mr. Bodon inflicted substantial losses in the accounts of retired or nearly retired clients. He placed them into what IIROC says were unsuitable investments, those investments being riskier Toronto Stock Exchange companies.
The sanctions are contained in a settlement agreement that IIROC released on Tuesday, March 27. Mr. Bodon's penalty includes a $50,000 fine and costs in the amount of $5,000. He must not work in a registered capacity for six months (and, should he return to the industry, would face the onerous task of rebuilding his book of business). IIROC did not hold a hearing for Mr. Bodon, as he agreed to the sanctions to settle the matter.
The case stems from improper investments that Mr. Bodon made in the accounts of two clients, only identified as KR and JK. Both intended to rely on their portfolios for retirement income, butsuffered losses that Mr. Bodon has acknowledged were significant. The clients had limited investment knowledge, and are described in the settlement agreement as vulnerable.
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