Vancouver-headquartered investment and brokerage firm Canaccord Genuity Group Inc. (TSX:CF) has agreed to pay a $2.85 million penalty for failing to fulfill its gatekeeper obligations in facilitating more than $779 million in penny stock transactions for a British company.
The Canadian Investment Regulatory Organization (CIRO) stated May 28 it had reached a settlement with Canaccord on May 16 through a hearing panel, which outlined the arrangements in a settlement agreement posted late last month.
In May 2021 Canaccord opened accounts for Crito Capital LLP, which was registered with the U.K.’s Financial Conduct Authority and associated with Crito Capital LLC, a broker-dealer registered with the U.S. Securities and Exchange Commission.
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