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Canaccord to pay $1.1-million to settle lax supervision claims

Canaccord Genuity Corp., Canada’s largest independent brokerage firm, will pay $1.1-million to settle claims by regulators that the firm was lax in oversight of investment advisers.

Canaccord admitted in the settlement with the Investment Industry Regulatory Organization of Canada (IIROC) to failing to “adequately supervise retail client account activity.” The issues in contention included not doing enough to ensure clients that said they qualified as “accredited investors” really did, and allowing numerous incidents of inappropriate trading in client accounts. The activity in question stretched over a six-year period from 2005 to 2011.