Newspaper article The Canadian Press

Questrade Agrees to Pay $2.9M to OSC for Acting 'Contrary to Public Interest

Newspaper article The Canadian Press

Questrade Agrees to Pay $2.9M to OSC for Acting 'Contrary to Public Interest

Article excerpt

Questrade agrees to pay $2.9M to OSC

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TORONTO - Questrade Wealth Management will pay $2.9 million to the Ontario Securities Commission after regulator staff concluded that the investment manager failed to properly determine whether there was a conflict of interest before investing a client's money.

According to Questrade's settlement with the OSC, the Toronto-based investment fund manager and market dealer acted contrary to the public interest when it purchased roughly $15 million in WisdomTree exchange-traded funds for Questrade's managed online investment service Portfolio IQ in July 2017.

The settlement says Questrade was required to determine whether there was a conflict of interest before making this significant purchase, as one day earlier on July 27, 2017 it had entered into three strategic agreements with Wisdom Tree Asset Management Canada. …

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