A former investment adviser from Calgary has been suspended and fined after his advice lost a soon-to-be retired Saskatchewan couple $125,000 in retirement savings.
Jamie Yaskiw has been ordered by the Investment Industry Regulatory Organization of Canada to pay $175,000 in fines and other costs, according to a hearing decision published Thursday.
The group ruled that Yaskiw violated one of its rules by failing to know his clients and making "unsuitable recommendations" to three clients.
In one case, a Saskatchewan couple sought advice, in 2012, on how to invest $1.15 million earned from a sale of shares in an energy company.
The case investigator found that in one year alone, Yaskiw did 585 transactions in their accounts.
Day-trading and trades in penny stocks were among the transactions.
"Mr. Yaskiw frequently traded in high-risk securities and employed speculative short-selling strategies in the couple's accounts — an investment strategy that was not suitable for clients entering into their retirement years," the decision reads.
Calgary woman was hoping to generate retirement money
Yaskiw was also cited in the case of a Calgary woman who lost $41,000 over two years. He was faulted for an "aggressive" approach to her investments.
Single and working in computer programming, she was hoping to bank future retirement savings when she opened three accounts.
The investigator says Yaskiw made 109 transactions without her consent.
The regulator launched an investigation into Yaskiw's conduct in December 2014 while he was working for the Calgary-based firm Wolverton Securities Ltd.
Yaskiw has been suspended from being registered with the regulatory organization for two years.
In its decision, the regulator states that Yaskiw is to be supervised for 18 months before re-registering. He must also undergo additional examination before returning to work.