TORONTO, June 12 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed
discipline penalties on Stacey Trevor Symonds, at all material times a
Registered Representative employed by the Kentville, Nova Scotia branch of
CIBC World Markets Inc., operating as CIBC Wood Gundy, a Member of the IDA.
On April 26, 2007, the Hearing Panel considered, reviewed, and accepted a
Settlement Agreement negotiated between Mr. Symonds and staff of the IDA.
Pursuant to the Settlement Agreement, Mr. Symonds admitted that between
March 2004 and November 2004, he conducted discretionary trades in three
client accounts without the accounts being specifically approved and accepted
as discretionary accounts, contrary to Regulation 1300.4.
For his misconduct, Mr. Symonds is fined $20,000 and must pay $3,000 in
costs. He will also be required to be under strict supervision for a period of
12 months upon any subsequent registration with a Member firm, and must
successfully complete the Conduct and Practices Handbook exam within 6 months
from any subsequent registration with a Member firm.
Mr. Symonds is no longer employed with an IDA Member firm.
For a complete summary of facts, please see IDA Bulletin 3635 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 email@example.com; Jeff Kehoe, Director, Enforcement
Litigation, (416) 943-6996 or firstname.lastname@example.org