IDA Hearing Panel fines Andy Hyon Chul Kim $25,000 for contraventions of By-law 29.1



    TORONTO, Dec. 13 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA) appointed pursuant to By-law 20 has imposed
discipline penalties on Andy Hyon Chul Kim, at all material times an Approved
Person at the Mississauga branch of CIBC World Markets Inc. (CIBC), a Member
firm of the IDA.
    Mr. Kim and the IDA have concluded an Agreed Statement of Facts in which
Mr. Kim admitted that he contravened By-law 29.1 by: (i) failing to disclose
to his employer that he invested in a private placement; (ii) misrepresenting
his resident status in order to qualify for the private placement; (iii)
opening an account with another IDA Member firm and misrepresenting his
occupation and other information on the New Account Application Form (NAAF);
(iv) failing to disclose to his employer that he had an account with another
IDA Member firm; (v) failing to disclose to his employer that he maintained
offshore accounts; and (vi) failing to advise and obtain approval from his
employer for outside business activities. Contraventions (i) to (iv) took
place between February 2004 and June 2004, contravention (v) took place
between October 1999 and May 2001, and contravention (vi) took place between
February 2004 and November 2005. The IDA found out about this activity in
December 2005 after receiving Mr. Kim's Uniform Termination Notice (UTN) from
CIBC as well as an anonymous tip.
    The Hearing Panel found that the contraventions were serious "in that
they go to the fundamental foundation of trust between a registered
representative and his employer". The Hearing Panel found that Mr. Kim's
actions were deceitful and exposed CIBC to dire consequences. However, in
assessing penalty, the Hearing Panel also considered the following mitigating
factors: (i) when confronted with his misconduct, Mr. Kim did not conceal his
actions and cooperated fully with both CIBC and the IDA; (ii) Mr. Kim's
employment with CIBC was terminated and the Hearing Panel considered this to
be "equivalent to a suspension"; (iii) Mr. Kim's misconduct did not involve
clients and he did not receive any compensation for his outside business
activities.
    For his misconduct, Mr. Kim has been fined $25,000 and is required to pay
$15,000 in costs.
    The IDA is appealing the sanction imposed on Mr. Kim to the Ontario
Securities Commission.
    Mr. Kim is currently employed with the Oakville branch of TD Waterhouse
Canada Inc.

    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
role. It is IDA policy to ensure that where relevant, referrals to the
appropriate policing authority are made.





For further information:

For further information: Alex Popovic, Vice-President, Enforcement,(416)
943-6904 or apopovic@ida.ca; Jeff Kehoe, Director, Enforcement Litigation,
(416) 943-6996 or jkehoe@ida.ca

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IDA

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INVESTMENT DEALERS ASSOCIATION OF CANADA

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