Newspaper article The Canadian Press

Sentry Investments to Pay $1.5M to Settle Charges of Improper Sales Practices

Newspaper article The Canadian Press

Sentry Investments to Pay $1.5M to Settle Charges of Improper Sales Practices

Article excerpt

Sentry Investments to pay $1.5M penalty

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TORONTO - Sentry Investments says it will pay a penalty of $1.5 million to the Ontario Securities Commission to settle allegations that it engaged in improper sales practices by giving extravagant gifts to dealers selling its financial products between 2011 and last year.

The Toronto investment firm says it has also agreed to pay OSC investigation costs of $150,000 and replace CEO Sean Driscoll -- in January, it appointed president and chief operating officer Philip Yuzpe in Driscoll's place.

The commission says Sentry gave "excessive non-monetary benefits" to dealing representatives at a mutual fund conference at a Beverly Hills mansion in 2015 -- including dinner, an open bar, Dom Perignon, jewelry and free golf, adding up to more than US$1,000 per guest. …

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