U of R business lecturer and former financial adviser admits to mishandling several investment portfolios
After previously "vehemently" denying allegations of mismanagement, Darryl Yasinowski has admitted to making unsuitable recommendations to five clients, according to a release from the Investment Industry Regulatory Organization of Canada (IIROC).
Two of them lost over half of their portfolios.
IIROC has given Yasinowski a six-month suspension, a supervision requirement for 18 months after returning to the industry, a $90,000 fine and costs totalling $10,000.
The investigation into Yasinowski's actions began in December 2014.
At the time, Yasinowski was a registered financial representative and portfolio manager at Mackie Research Capital Corporation in Regina.
Yasinowski has also been a lecturer at the University of Regina. The university wouldn't comment on the ruling, except to say there were aware of it.
The statement reads: "The University is aware of the decision released by the Investment Industry Regulatory Organization in the proceedings against Darryl Yasinowski who is currently a term lecturer at the University.
The incidents relate to activities outside his employment with the University; it would not be appropriate to discuss this case further due to the University's privacy obligations to faculty and staff."
