Comments
He embezzled $65K from client
Knowledgeable Client
Ronald Anton Putzi, Decision 11-0180
The Respondent admitted to failing to use due diligence to ensure that recommendations he made in respect of three client accounts were suitable.
He further admitted to conducting discretionary trades with respect to one of those accounts.
With respect to unsuitability, the time period at issue was selected to be November, 2010 through to August, 2011, as opposed to the inception of the accounts. There is no explanation as to why this time period was selected.
Two of the three clients comprised a married couple in their early 40’s. One spouse was self-employed as a chartered accountant with an annual income of $350,000. The couple had fixed assets of $2,850,000, liabilities of $325,000 and estimated liquid assets of $325,000. The chartered accountant had 18 years of investment experience and trading authorization over his spouse’s accounts.
Their investments were found to exceed the risks in their new client application forms. The settlement agreement indicated a 21% and 38% respective decline in their accounts between October 31, 2010 and August 31, 2011, which translated to an approximate loss of $64,408.17 during this period, though it is unknown whether this was realized or reflective of the entire currency of the account.
Admissions regarding discretionary trading were with respect to the chartered accountant’s accounts. It was found that he did not have an understanding of the risk of Horizons Beta Probe S&P 500 BIXETF in respect of which some form of time discretion was used regarding the sale.
The Respondent had already paid an internal fine of $25,000 to his dealer, rewritten the CPH course, was under heightened supervision for one year and had no prior disciplinary history.
He was fined an additional $25,000 and ordered to pay $2,500 in costs.
A full text of the Settlement Agreement can be read here.
Julian Phipps, absolutely pathetic, he was terminated from the Kitsilano Business Association as Prseident(total unqualified)..he basically bs his way into that position with Howard Kelsey raving about Phipps business knowledge...9months later he was fired..!
His previous careers are working as a BANK TELLER at Vancity and no management skills and then onto money exchange csr....he claims to be as good in business as the late Steve Jobs, that’s a joke..!
He lived beyond his means leased an expensive bmw lived at 14th and Granville in a high end condo (couldn’t afford either)...never had food in his fridge or cupboards.
Just like Kelsey, they both are the typical “fake it till you make..” nonsense...people see straight through these two clowns...
Kelsey only good at lying and fabricating stories and will NEVER ADMIT WHEN HES WRONG OR APOLOGIZE...!
Why does julien Phipps use an alias name Jamie milk is he hiding something...?
Finally used this coupon from Kitfest for a free subway salad ! No strings attached .. pretty sweet .
Registration update:
Men's draw - FULL
Women's draw - 3 Spots available
No Qualifier on Friday (take the day off).
Main Draw starts Saturday am.
Players Meeting 8:45am / Games start at 9am.
Note: Parking issues on Saturday - SeaWheeze Half Marathon will be going by the beach and will close down parts of Arbutus and Cornwall from 6:30am till 11:00am. Please make alternate arrangements as you will not be able to park near the beach.
The King is Back!
Great Event Guys !!!!
I liked it am I in now