Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Kelly June Hetherington Français
TORONTO, May 20, 2025 /CNW/ - Following a settlement hearing held on January 29, 2025, pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on May 8, 2025.
The hearing panel's reasons for decision are available at:
Re Hetherington 2025 CIRO 26
In their reasons for decision, the hearing panel found that Kelly June Hetherington failed to ensure that a leveraged investment strategy that she implemented in the joint account of two clients (spouses) was suitable for them and signed the signatures of two clients on nine account forms and submitted them to the Dealer Member for processing.
The hearing panel also confirmed a fine of $30,000 and costs of $5,000 imposed on Kelly Hetherington and a prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO for a period of 18 months.
At the time of the contraventions, Kelly Hetherington was a dealing representative with Royal Mutual Funds Inc. in the Wallaceburg, Ontario area. Kelly Hetherington is no longer a registrant with a CIRO-regulated firm.
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.
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.
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