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by Mike Caswell

The Canadian Investment Regulatory Organization of Canada has filed a case against former Canaccord Genuity Corp. employee William Robert Hall, claiming that he placed a couple nearing retirement into a high-risk investment. The couple lost nearly all of the $403,000 that they placed with Mr. Hall, CIRO says. When questioned by the couple, Mr. Hall explained to them that the "markets have been tough."

The allegations are contained in a notice of hearing that CIRO released on May 10, 2024. The case arises from the accounts of a couple, only identified as "JH" and "MH," who were about 60 years old when they became Mr. Hall's clients. At the time, they held a portfolio of mutual funds and some dividend-paying stocks at another firm.

The events at issue go back to early 2019, when Mr. Hall had an initial meeting with the couple after they had been introduced to him through a friend. They presented him with their account statements, and he told them that they would realize greater returns at Canaccord, CIRO says. He also explained that they would be able to view their investments on-line any time they wished. Based on the meeting, the couple agreed to transfer their accounts to Canaccord, the notice states.

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