VANCOUVER, March 29 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed
discipline penalties on Michael William Balanko, at all material times an
Approved Person at the Vancouver office of First Associates (now Blackmont
Capital Inc.), an IDA Member firm.
Following a hearing held in November and December 2006, a Hearing Panel
determined that during the period between January and November 2004, Mr.
Balanko made unsuitable investment recommendations for the accounts of two
clients, contrary to By-law 29.1 and Regulation 1300.1 (q). In addition, in
February 2004, Mr. Balanko effected fifteen transactions in the accounts of
one of his clients without prior written authorization from the client and
without the account being specifically approved and accepted as discretionary
by the firm, contrary to Regulation 1300.4; and between September and November
2004, Mr. Balanko effected ten unauthorized transactions in the account of
another client, contrary to By-law 29.1.
For his misconduct, Mr. Balanko is fined $60,000, must pay $25,000 in
costs and $2,500 in disgorgement, and is prohibited from re-approval with an
IDA Member firm for a period of two years. As a condition of re-approval, Mr.
Balanko must successfully complete the Canadian Securities Course, the Conduct
and Practices Handbook Course, and will be subject to twelve months of strict
Mr. Balanko is not registered with an IDA Member firm.
For a complete summary of facts, please see IDA Bulletin 3617 at
www.ida.ca or www.accovam.ca.
The Investment Dealers Association of Canada (IDA) is the national
self-regulatory organization of the securities industry. The IDA's mission is
to protect investors, foster market integrity and enhance the efficiency and
competitiveness of the Canadian capital markets. The IDA enforces rules and
regulations regarding the sales, business and financial practices of its
Member firms and their approved persons. Investigating complaints and
disciplining Members and approved persons is part of the IDA's regulatory
For further information:
For further information: Alex Popovic, Vice-President, Enforcement,
(416) 943-6904 or firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement
Litigation, (416) 943-6996 or email@example.com