Decision Notice - CIRO Sanctions Ann Marie Reid

TORONTO, March 8, 2024 /CNW/ - Following a sanctions hearing in the matter of Ann Marie Reid held on February 5, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules reserved its decision.  The hearing panel has released its decision and is imposing the following sanctions on Ann Reid:

1. 1. 1. a permanent prohibition on her authority to conduct securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO registered as a mutual fund dealer, and
      2. a fine of $125,000.

Ann Reid is also required to pay costs in the amount of $20,000.

The sanctions decision can be found at:

Re Reid, 2024 CIRO 30

In an earlier decision dated December 13, 2023, the Hearing Panel found that Ann Reid:

1. 1. 1. accepted a power of attorney for property from a client,
      2. accepted an appointment to act as executor and trustee of a client's estate, and between March 2018 and July 2020 accepted an appointment to act as co-executor and co-trustee of the client's estate,
      3. failed to disclose to the Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of a client, conflicts or potential conflicts of interest that arose between her and the client when she became aware:
         1. 1. that she was or would be appointed as a power of attorney for property of the client;
            2. that she was or would be appointed as an executor and trustee of the client's estate;
            3. that she was or would be appointed as co-executor and co-trustee of the client's estate; and
            4. that she was or would be designated as a beneficiary of the client's estate,
      4. provided false or misleading responses to questions on compliance information forms that she submitted to the Member,
      5. borrowed monies from a client, which gave rise to a conflict or potential conflict of interest which she failed to disclose to the Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client,
      6. obtained, possessed, and in some instances used to process transactions, 18 pre-signed account forms in respect of 7 clients.

The decision on Liability can be found at:

Re Reid, 2023 CIRO 41

During the period described in the Notice of Hearing, Ann Reid conducted business in the Mississauga and Toronto, Ontario areas.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website. 

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

SOURCE Canadian Investment Regulatory Organization (CIRO)