Wednesday , May 31 2023

Former Saskatoon counselor was fined after customers lost nearly $ 1 million


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A former CIBC investment adviser in Saskatoon was fined after admitting that he has made customers lose a lot of money.

The Canadian investment industry regulator says he has accepted a settlement agreement, including sanctions, with Troy Robert Nagy.

The organization says that in a five-year period, a couple lost $ 806,000, about 34 percent of their portfolio, and another couple lost $ 163,000, about 40 percent of their portfolio.

Nagy admitted that he did not do the necessary diligence to ensure that his recommendations were appropriate for the two couples, including an alternative investment he did not fully understand.

The settlement agreement provides that Nagy has to pay a fine of $ 30,000 and a sum of $ 5,000 and pays $ 695,000 in compensation paid by the CIBC to the two couples.

Nagy was fired in July 2016 and is no longer registered with a firm regulated by an investment industry regulator.

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