TORONTO, Aug. 8, 2024
/CNW/ - Following a disciplinary hearing held on July 31, 2024, a hearing panel of the Canadian
Investment Regulatory Organization (CIRO) under the Mutual Fund
Dealer Rules found that Clive
Wilkins:
a) borrowed monies from clients and was indebted to
clients, which gave rise to conflicts or potential conflicts of
interest that he failed to disclose to the Member or otherwise
ensure were addressed by the exercise of responsible business
judgment influenced only by the best interests of the clients,
b) made false or misleading statements to the Member
and the MFDA during the course of investigations into his conduct,
and
c) failed to cooperate with an investigation into
his conduct by Staff of CIRO.
The hearing panel imposed the following sanctions on
Clive Wilkins:
a) a permanent prohibition from conducting
securities related business while in the employ of or associated
with any Dealer Member of CIRO, and
b) a fine of $90,000.
Clive Wilkins is also required to
pay costs in the amount of $10,000.
The hearing panel's reasons for decision will be made
available at www.ciro.ca.
The Fresh as Amended Notice of Hearing and Statement of
Allegations which sets out the allegations is available at:
Wilkins, Clive – Frresh as Amended Notice of Hearing and
Statement of Allegations
During the period described in the Notice of Hearing,
Clive Wilkins was registered in
Ontario as a dealing
representative with PFSL Investments Canada Ltd. Clive Wilkins is not currently registered in the
securities industry in any capacity.
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.
SOURCE Canadian Investment Regulatory Organization (CIRO)