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by Mike Caswell

The Canadian Investment Regulatory Organization has fined former Quadrus Investment Services Ltd. employee Henry Griffioen $75,000 over an auto lending business that failed. CIRO said that Mr. Griffioen had clients sell their investments and place $1.16-million into the auto business, in which he had an interest. The business ultimately failed, and clients lost their money.

The penalties for Mr. Griffioen are contained in a settlement agreement that CIRO released on Wednesday, April 2. In addition to the $75,000 fine, Mr. Griffioen has accepted a permanent ban on conducting securities-related business while working in a registered capacity. He must also pay $5,000 in CIRO's costs.

The sanctions stem from Mr. Griffioen's role with a company called Advantagewon, which provided loans for car repairs and other auto-related expenses. An acquaintance set up the company, and Mr. Griffioen invested $666,000, CIRO said. Mr. Griffioen began pitching the company to clients in January, 2018, telling them that he had an investment opportunity that was only open to friends and family. Money invested in the business could be returned at any time, and investors would receive an annual return of 15 per cent, payable monthly, he said.

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