FINRA has barred former Canaccord Wealth Management broker Jordan R. Steel from associating with any FINRA member in any capacity for allegedly falsifying commissions.
Steel was employed by Canaccord from August 2007 until October 2011, when his registration was terminated. Currently, Steel is a Registered Representative at Canada-Limited General Securities. Prior to these allegations, Steel had no past FINRA disciplinary record.
While at Canaccord, Steel allegedly agreed to split commission payments with another broker. According to this agreement, Steel was to receive 1.5% of the commissions that the broker received from sales involving U.S. clients. To receive his share of the commissions, Steel would first calculate the amount that he was due and then fill out an Assistant/Associate Bonus/Commission Requisition Form. After completing the form, the broker with whom Steel was splitting commissions was required to sign it before Steel submitted it to Canaccord for approval.
However, between January 2010 and August 2011 Steel allegedly changed the amount of commission that he was due after receiving the other broker’s signature, and without notifying that person of the changes made. Furthermore, between August 2010 and August 2011, Steel allegedly filled out 13 more forms through which he attempted to split commissions with another broker. When completing these forms, Steel allegedly forged the signature of this other broker, since the other person had not agreed to an individual commission splitting deal.
Therefore, between January 2010 and August 2011, Steel collected 66,000 Canadian dollars in commissions from Canaccord that were not rightfully his. In light of this, FINRA found that steel violated Rule 2010, resulting in his being barred from associating with any FINRA member in any capacity.
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