BC Securities Commission upholds penalty against broker

Posted January 17, 2014 6:23 pm.

This article is more than 5 years old.

VICTORIA (NEWS1130) – The BC Securities Commission has upheld a six-figure penalty against a broker whose unsuitable recommendations cost a couple $125,000.

Carolann Steinhoff of Victoria was fined $100,000, ordered to give back $6,800 and pay $20,000 in costs by an industry self-regulatory group.

It also suspended her for a year, but Steinhoff appealed to the BCSC which last summer overturned the ban. The commission has now upheld the fine.

The industry group, called IIROC, twice previously found Steihnoff acted improperly with clients but was overturned by the securities commission.

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