A rarely used enforcement tool that helped recover US$6-million in losses from an online trading company offers a glimpse into the future of investor restitution, says the head of enforcement of Canada’s newly merged investment regulator.
Fortrade was the first company to set up a compensation fund as part of a CIRO settlement agreement. A compensation fund must be agreed upon by both parties in order for CIRO to include one in its remedial measures. The investigation into Fortrade began in September, 2021, after CIRO received several client complaints about stock recommendations.
According to CIRO, the majority of Fortrade’s clients were unsophisticated investors with annual incomes of less than $50,000 who had limited trading knowledge.
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