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by Mike Caswell

The Canadian Investment Regulatory Organization has dismissed the case against former Canaccord Genuity Corp. employee William Robert Hall over unsuitable trading. The regulator had claimed that Mr. Hall placed a client nearing retirement into a high-risk investment. The client lost nearly all of the $403,000 that he had invested, according to CIRO.

The dismissal is contained in a ruling that CIRO released on Tuesday, April 29, following a three-day hearing. In ordering the case dismissed, a three-member panel has found that the evidence against Mr. Hall was not credible. The finding rests largely on the fact that the client appeared to have been pursuing high-risk investments, and that the client was unwilling to testify against Mr. Hall.

The case arose 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. After they transferred their investments to Mr. Hall, he had them sign an agreement to buy shares of a company called Stillcanna Inc.

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