Decision Notice – CIRO Hearing Panel issues their reasons for decision in the matter of Susan Armitstead
July 16, 2024

Decision Notice – CIRO Hearing Panel issues their reasons for decision in the matter of Susan Armitstead

CALGARY, AB, July 16, 2024 /CNW/ – Following a disciplinary hearing held on April 29, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Susan Armitstead:

a)      misappropriated or otherwise failed to account for client monies; and

b)      recorded false or misleading notes in the Dealer Member’s back office system or made false or misleading statements to the Dealer Member during supervisory inquiries.

 

The hearing panel imposed the following sanctions on Susan Armitstead:

a)      a permanent prohibition on her authority to conduct securities related business while in the employ of or associated with any Dealer Member of CIRO, and

b)      a fine of $15,000.

 

Susan Armitstead is also required to pay costs in the amount of $5,000.

The hearing panel’s decision dated July 8, 2024, is available at:

Re Armitstead 2024 CIRO 60

During the period described in the Notice of Hearing, Susan Armitstead conducted business in the Onoway, Alberta area.

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)

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