IROC Rules on Discretion from their website are very simple. The buying or selling of a security by an advisor without the proper consent of the client is considered to be unauthorized or discretionary trading and is a violation of the IIROC rules.
One of the five primary values set out in the Code of Ethics states that “Registrants must conduct themselves with trustworthiness and integrity, and act in an honest and fair manner in all dealings with the public, clients, employers and colleagues.” There is a relationship of trust and confidence that exists between a registrant and client. When a registrant executes trades without the knowledge or consent of his/her client, the registrant has breached his/her ethical obligations to his client.
“Managed accounts” are an allowable form of discretionary trading, but only registered Portfolio Managers may operate managed accounts. Firms must have specific procedures to operate such accounts in accordance with the IIROC rules.
Hashmi fraudulently portrays himself as a portfolio manager. Although he would like to be one, he simply just isn’t licensed and/or qualified to be one. Redlikeme has multiple confirmations that Hashmi tells clients he is a “Portfolio Manager” and doesn’t have time to communicate with them for each trade.
Any client that has had a loss with Hashmi/Scotia Mcleod under the pretense that he is a qualified Portfolio Manager, are entitled to all their losses refunded. Given his track record or calling the market on his pubic twitter account, https://twitter.com/hashmi69 his losses are multiple and significant. (and yes a grown man and Director of Scotia calls himself Hashmi69!) It’s a very simple question to discretion, Did the broker call you or not! There is no grey area
Hashmi has been bearish through this muti year bull market. Any and all concerns should also be made to:
- Steven Dowling or Janice Callbeck
PEI Office of the Superintendent of Securities
O. Box 2000
95 Rochford Street
4th Floor, Shaw Building
Charlottetown, PE C1A 7N8