EJ Rep fined $1 million

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compliancejerk's picture
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Joined: 2004-12-03

A hearing panel of the Investment Industry Regulatory Organization
of Canada has fined a former Edwards Jones registered representative $1 million
and imposed a permanent ban against him for misappropriating client funds and
failing to co-operate with an IIROC investigation.Specifically, the
panel found that Harold Hee Jeen Ahn misappropriated $778,000 of client funds.
In one case, he directed the client to sign cheques payable to himself, advising
her that he would invest the funds on her behalf. He also provided that client
with fictitious account documents. The panel also found that Ahn did not
attend an IIROC interview and failed to co-operate with the regulator’s
investigation.The panel imposed a penalty against Ahn that included a $1
million fine, a permanent ban from registering with an IIROC-regulated firm and
a $50,000 fine for non-cooperation. The panel also ordered him to pay $7,000 in
costs.“The respondent took advantage of an elderly, unsophisticated
client who put her complete trust and faith in him … ,” the panel noted. “Such
conduct was egregious and convinces us that the respondent should not be
permitted the opportunity to reoffend. A permanent ban is
appropriate.”The misappropriation of funds occurred between June and
October 2010 when Anh was a registered rep with the Scarborough, Ont. branch of
Edward Jones. IIROC began the investigation into his conduct in October.
Ahn is no longer a registrant with an IIROC-regulated firm.

inlandTX's picture
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Joined: 2008-08-25

So crap like this is why my friendly EdJ Field Supervisor makes me document every time I wipe my ass.

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