Prodigy Wealth Management Closes

Prodigy Wealth Management has shut down.

The Kelowna firm has officially closed its doors, following a settlement with the Investment Industry Regulatory Organization of Canada.

It all started with IIROC's investigation into Prodigy Wealth, following President Dwight Stirrett's problems with prescribed medications, and false explanations for being absent from the office.

Warren Funt with IIROC says Prodigy was ordered to hire a Chief Compliance Officer to oversee day-to-day compliance within the firm.  He says, "She resigned, and a replacement wasn't able to be found - and that was up to Mr. Stirrett."

Funt tells us, "We were keeping a very close eye on what was going on.  Mr. Stirrett decided - and agreed with us - that the best course of action was to leave the business."

IIROC notes the settlement was with the company - not Dwight Stirrett himself.  Funt says, "He [Stirrett] is not licensed at this moment.  If he wished to come back to the industry, he would have to get his license again."

Denise Wong - Kelowna