This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against Calgary's James Hartwell, citing him for supervisory failures related to an elderly client who lost nearly all of his $548,485 account. CIRO claims that Mr. Hartwell failed to properly supervise the account, which was designated "100% Speculative" despite the client's age and significant health problems. Moreover, the client's account was invested in several junior listings, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on Tuesday, Nov. 12. The sole respondent is Mr. Hartwell, who is the chief executive officer of Emerging Equities Inc., a small firm in Calgary. (Mr. Hartwell wears many hats -- he is also the firm's ultimate designated person and chief compliance officer, along with being a registered representative.)

The events at issue go back to November, 2017, and involve the account of a vulnerable client. The client, a retired engineer who lived in Edmonton, was born in 1931 and is now 93 years old. Despite his age and retirement status, his account was marked at the highest risk level available and his investment knowledge was listed as "sophisticated," CIRO says.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS