Order: In the Matter of Questrade Wealth Management Inc.
FILE NO.: 2018-63
IN THE MATTER OF
QUESTRADE WEALTH MANAGEMENT INC.
Robert P. Hutchison, Commissioner and Chair of the Panel
Deborah Leckman, Commissioner
Lawrence P. Haber, Commissioner
November 27, 2018
ORDER
(Subsection 127(1) and Section 127.1
of the Securities Act, RSO 1990, c S.5)
WHEREAS on November 27, 2018, the Ontario Securities Commission (the Commission) held a hearing at the offices of the Commission, located at 20 Queen Street West, 17th Floor, Toronto, Ontario, to consider the Application made jointly by Questrade Wealth Management Inc. (the Respondent) and Staff of the Commission (Staff) for approval of a settlement agreement dated November 20, 2018 (the Settlement Agreement);
ON READING the Joint Application for a Settlement Hearing, including the Statement of Allegations dated November 22, 2018 and the Settlement Agreement, and on hearing the submissions of the representatives for the Respondent and Staff, and considering the undertaking of the Respondent dated November 20, 2018 attached as Annex I to this Order and the Consent of the parties to an Order in substantially this form;
IT IS ORDERED THAT:
- the Settlement Agreement is approved, pursuant to subsection 127(1) of the Securities Act, RSO 1990, c S.5 (the Act);
- the Respondent is reprimanded, pursuant to paragraph 6 of subsection 127(1) of the Act; and
- the Respondent pay costs in the amount of $100,000, pursuant to section 127.1 of the Act.
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" Robert P. Hutchison "
Robert P. Hutchison |
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" Deborah Leckman "
Deborah Leckman |
"Lawrence P. Haber "
Lawrence P. Haber |
ANNEX I
IN THE MATTER OF
QUESTRADE WEALTH MANAGEMENT INC.
UNDERTAKING TO THE ONTARIO SECURITIES COMMISSION
- This Undertaking is given in connection with the settlement agreement dated November 20, 2018 (the “Settlement Agreement”) between Questrade Wealth Management Inc. (the “Respondent”) and Staff of the Commission (“Staff”). All terms shall have the same meanings in this Undertaking as in the Settlement Agreement.
- The Respondent undertakes to the Commission to:
- make a voluntary payment in the amount of $2,900,000 to be designated for allocation or use by the Commission in accordance with paragraph (i) or (ii) of subsection 3.4(2)(b) of the Act as follows:
- by certified cheque, bank draft or wire transfer of $1,350,000 prior to the hearing before the Commission to approve this Settlement Agreement; and
- by making four quarterly payments of $387,500 on February 27, 2019, May 27, 2019, August 27, 2019, and November 27, 2019; and
- deliver a certified cheque, bank draft or wire transfer of $100,000 prior to the hearing before the Commission to approve this Settlement Agreement in respect of the costs referred to in paragraph 56(c) of the Settlement Agreement.
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QUESTRADE WEALTH |
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By: |
“Edward Kholodenko” |
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Name: Edward Kholodenko |