A former financial advisor from Kelowna has once again had a ruling against him, this time for making unsuitable recommendations to clients.

The Investment Industry Regulatory Organization of Canada (IIROC) held a hearing regarding Ferdinand Renaud and the unsuitable recommendations as well for placing discretionary trades without being authorized. 

According to the decision, between 2007 and 2013, Renaud failed to use due diligence to ensure that the recommendations he made for clients were suitable for them. In 2012, IIROC said Renaud engaged in discretionary trading with client accounts without being authorized.

As a result of the hearing, the panel has imposed a fine worth $80,000 on Renaud and handed him a one-year suspension from registration. He is also required to pay costs in the amount of $20,000.

IIROC formally initiated the investigation into Renaud's conduct in September 2013 while he was a registered representative with Canaccord Genuity Corp. and Raymond James Ltd. He is no longer employed with either organization.

On April 5, 2016, Renaud had a Supreme Court judgement against him as his former employer Canaccord Genuity sued for client losses. Canaccord Genuity claimed that Renaud caused $1.3 million in client losses and the firm had to pay out $245,000 to his clients. The judge sided with the firm and ordered Renaud to pay the $245,000 to the company.