Wednesday , October 20 2021

Former consultant & # 39; Saskatoon fined after clients lost almost $ 1 million



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The residents are mobilizing against a huge increase in the tax passed recently by the Rural Municipality of & # 39; McKillop

[email protected] / bruno135_406 – Fotolia

Advisor & # 39; investment & # 39; CIBC of & # 39; & # 39 in advance; Saskatoon was fined after he was admitted to an injustice that caused customers to lose a lot of money.

The Regulatory Investment Industry Canada Organization says accepting agreements & # 39; solution, including sanctions, to & # 39; Troy Robert Nagy.

The organization says over & # 39; five couple lost $ 806 000, about 34 percent of their portfolio – and another couple lost $ 163,000, about 40 percent of their portfolio.

Nagy admitted not practiced due diligence to ensure that recommendations were suitable for both couples, including alternative investment did not fully understand.

The settlement agreement says Nagy shall pay a fine of & # 39; $ 30,000 and $ 5,000 in costs and paying back $ 695 000 as compensation paid by CIBC for both couples.

Nagy was shot in & # 39; July 2016 and m & # 39; longer registered with & # 39; & # 39 regulatory firm; the Industry & # 39; Investment.

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