A former Kelowna-based financial advisor has received a discipline decision, barred from practising and fined by the industry regulator, officials said Tuesday.

Kenneth Gottfred was investigated by the Investment Industry Regulatory Organization of Canada (IIROC) after it was found he executed discretionary transactions and made unsuitable recommendations to clients, the organization said. The IIROC said that Gottfred also failed to cooperate with the investigation, which is in contrary to member rules.

According to the IIROC, Gottfred was a registered representative with the Kelowna branch of Raymond James Ltd. when the investigation began in August 2014. He is no longer registered with the firm. In the hearing statement, IIROC found that Gottfred conducted the violations between January 2011 and April 2014.

He has been handed a permanent ban and a fine of $50,000 and he is required to pay costs in the amount of $5,000.

IIROC is the national self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. The organization investigates possible misconduct by its member firms and/or individual registrants.

It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.