The suspension was to have started last July but was stayed after Steinhoff appealed to the Securities Commission.
Thursday’s decision threw out those penalties and took issue with IIROC’s characterization of Steinhoff as dishonest.
Steinhoff’s legal counsel Greg Harney called the decision a “substantial success” and said he expected his client would now face only a fine.
“I also note that IIROC was chastised for the process and the foundless sullying of her reputation,” Harney wrote in an email.
Indeed, the commission noted that, while Steinhoff contravened investment suitability requirements, there was “no evidence in the record of a fundamentally dishonest person, which is what the IIROC panel would have people believe. There is absolutely no basis in the record for the panel’s finding that Steinhoff cannot be trusted to act honestly and in a fair manner.”
Victoria investment adviser’s penalties too severe, rules B.C. Securities Commission
ANDREW DUFFY / TIMES COLONIST
AUGUST 8, 2013