A former financial adviser from Winnipeg has been fined $100,000 and suspended for 18 months by a hearing panel that found him guilty of a number of infractions earlier this year. Edward Peter Bodnarchuk is also required to pay costs of $20,000 and be under strict supervision for 12 months once his suspension is lifted. The violations occurred while he was a registered representative with the Winnipeg branch of National Bank Financial Ltd. and the Winnipeg branch of PI Financial Corp. between July 2008 and Spring 2016. The investigator deemed the clients to be "reasonably unsophisticated" and without an accurate grasp of the degree of risk involved in moving the portfolios. The clients were also of modest earning means and wished to use the funds invested for retirement.

Source: CBC News October 16, 2018 18:33 UTC