An employee at CIBC Wood Gundy in Nelson has been fined $45,000 for poor supervision of a former employee who gave risky financial advice. Photo: Tyler Harper

Employee at Nelson bank fined $45,000

Robert Trickey was penalized for poor supervision of a former employee

An employee at CIBC Wood Gundy in Nelson has been fined for poor supervision of a former staff member who gave risky investment advice to clients.

Robert Trickey, who is currently a financial adviser at Wood Gundy, was penalized $40,000 along with a $5,000 fee for costs after admitting he failed to adequately monitor Geraldine Mannings between 2009 to 2013. Trickey was the branch supervisor during that time.

In a Sept. 6 settlement agreement that concluded a four-year investigation, the Investment Industry Regulatory Organization of Canada (IIROC) said Trickey “was aware of concerns regarding the increase in risk in some of Mannings’ clients’ accounts, some of whom were seniors and were on fixed incomes.”

Trickey, the IIROC said, “took inadequate steps to independently assess whether the increases in risk tolerance were suitable for clients. In addition, he failed to adequately document all of his supervision activities.”

CIBC World Markets Inc. was also fined $125,000.

Trickey did not respond to a request for comment from the Star, but he is prevented from making any statements that would contradict the settlement agreement.

Mannings was previously fined a total of $40,000 in 2015 for making “unsuitable recommendations regarding the purchase and holdings of securities in several clients’ accounts” from January 2012 to June 30, 2013, according to the IIROC.

However, she had no prior disciplinary history and made no personal financial gain.

Mannings, who had been working as a registered representative since 1967, left Wood Gundy in July 2013. The IIROC said Mannings is not currently registered to work.

The IIROC oversees investment dealers and trading activity on debt and equity marketplaces and is also responsible for investigating misconduct.



tyler.harper@nelsonstar.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Interior Health reports three additional COVID-19 cases in region

The number of cases in the region since the beginning of the pandemic are now at 492

Kootenay teachers’ union going to labour relations board over COVID-19 related work conditions

Union issues open letter to premier, education minister, health minister and Dr. Bonnie Henry.

Trail market goes garlic

The event goes Saturday in downtown Trail from 10 a.m. to 2 p.m.

Two men killed in Hwy 3 collision west of Castlegar

The single-vehicle incident happened Thursday morning

Central Mountain Air to offer flights out of Castlegar

The company will be offering Castlegar to Vancouver flights October 1.

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

70-year-old punched in the head in dispute over disability parking space in Nanaimo

Senior’s turban knocked off in incident at mall parking lot

Thousands of child care spaces coming to 35 B.C. communities

Province announces milestone in Childcare BC plan

Most Read