SEC et al. order Canaccord to pay $75-million (U.S.)
2026-03-06 20:00 ET - Street Wire
See Street Wire (U-*SEC) U S Securities and Exchange Commission
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by Mike Caswell
Three U.S. regulators, including the U.S. Securities and Exchange Commission, have ordered Canaccord Genuity LLC to pay a combined $75-million for failing to properly supervise trades involving trillions of shares in low-priced,
over-the-counter securities. (All figures are in U.S. dollars.) According to the SEC, the firm failed to monitor internal reports designed to detect manipulative practices such as marking the close. On top of that, some employees falsified reports related to reviews, the SEC claims.
The penalties for Canaccord are contained in administrative orders released on Friday, March 6. The penalties include a $20-million fine from the SEC, a $20-million fine from the Financial Industry Regulatory Authority (better known as FINRA) and a $75-million penalty from the Financial Crimes Enforcement Network, with the $75-million amount to be offset by the payouts to the SEC and FINRA. The penalties represent negotiated settlements. The settlements include an extra $5-million penalty as well, but that amount will only be payable if Canaccord fails to file backdated reports.
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"Canaccord had a program in place to monitor suspicious trading but, according to the SEC, the deficiencies of that program were many"
Sic transit gloria mundi
How much has the B C Securities Commission levied in fines against Canaccord during Canaccord's decades in Canada?
Posted by halcrow at 2026-03-06 20:56
Wasn't Cannaccord a BC registered brokerage house back in the day when capitalism was legal in Canada? Regulators in Canada have taught them well on how to make billions of dollars and pay a $75 million in tax and you are good to go for another 20 years or so.
Posted by firefox at 2026-03-09 10:50
BC Securities Commission changed the heading of section 57 of the securities code to "Manipulation and Fraud" begs the question will they charge "fraud" charges against Cannaccord? Cannaccord has already admitted they allowed market manipulation to flourish in their complianace department?
Posted by firefox at 2026-03-09 10:58
Well, back in the day, Cannacord certainly was a BC registered brokerage house and its successor, Cannacord Genuity Corp, is registered as an investment dealer with the Canadian Investment Regulatory Organization (CIRO) and is in good standing with provincial securities commissions, including the British Columbia Securities Commission (BCSC).
As to your question about what the BCSC will (might?) do, maybe the BCSC has fortgotten how to actually collect fines as their unpaid and outstanding list is of almost Biblical proportions?
Fortunately, it's only easily ignored debt and not coin of the realm until collected.
The British Columbia Securities Commission (BCSC) is owed approximately $430 million in unpaid administrative penalties and disgorgement orders, as of early 2024. This amount, tied to over 400 individuals and companies, represents a significant collection challenge due to factors like absconding offenders and legal resistance.
Collection Rate: Only about $12.7 million was collected in the six fiscal years leading up to March 2024.
Major Debtors: A significant portion of the debt is concentrated, with $119 million owed by just four individuals. CBC
Posted by halcrow at 2026-03-09 15:24