SASKATOON — A former CIBC investment adviser in Saskatoon has been fined after admitting to wrongdoing that caused clients to lose lots of money.
The Investment Industry Regulatory Organization of Canada says it has accepted a settlement agreement, including sanctions, with Troy Robert Nagy.
The organization says over a five-year period a couple lost $806,000, about 34 per cent of their portfolio — and another couple lost $163,000, about 40 per cent of their portfolio.
Nagy admitted to not practising due diligence to ensure his recommendations were suitable for the two couples, including an alternative investment that he did not fully understand.
The settlement agreement says Nagy must pay a $30,000 fine and $5,000 in costs and is repaying $695,000 in compensation paid by CIBC to the two couples.
Nagy was fired in July 2016 and is no longer registered with an Investment Industry Regulatory Organization-regulated firm. (CTV Saskatoon)