SASKATOON, a former investment advisor at Cisco, Saskatoon, was fined after recognition of irregularities, prompting customers to lose a lot of money.
The Canadian Investment Industry Regulator says it has adopted a settlement agreement, including sanctions, with Troy Robert Nagy.
The organization says that for a period of five years, the pair lost $ 806,000, or about 34% of its portfolio, and another pair lost $ 163,000 or 40% of its portfolio.
Nagy admitted that he did not exercise due care to ensure that his recommendations are appropriate for both couples, including an alternative investment that he has not fully understood.
The settlement agreement says Nagy has to pay a $ 30,000 fine and a cost of $ 5,000. and refunds $ 695,000 as compensation paid by CIBC to both couples.
Nagy was sacked in July 2016 and is no longer registered in a regulated industry regulated entity. (CTV Saskatoon)