MONTREAL, Jan. 11 /CNW/ - A Hearing Panel appointed pursuant to IDA
By-law 20 has imposed discipline penalties on Karl Mansour, at all material
times an Approved Person with the Montréal branch of Jones, Gable & Company
Limited, a Member of the IDA.
Following a settlement hearing, the Hearing Panel considered, reviewed,
and accepted a Settlement Agreement negotiated between staff of the IDA and
Mr. Mansour. Pursuant to the Agreement, Mr. Mansour admitted that on
January 24, 2006, he accepted instructions from a third party to have shares
registered and delivered that were in a client's account, without the client's
written authorization or ratification; he failed to disclose to his employer
that he had trading authorization for or controlled four accounts, two of
which were at Jones Gable and two of which were at other IDA Member firms; he
engaged in discretionary trading in two foreign client accounts in the sense
that it was not disclosed to his employer that he actually had trading
authorization for the accounts; and from February to October 2004, he gave
instructions on an account at another Member firm without a proper trading
authorization from the client. Mr. Mansour admitted that this conduct
contravened Regulations 200.1(i)(3), 1300.4 and 1300.5 and By-law 29.1.
In determining penalty, the Hearing Panel considered that Mr. Mansour did
not have a disciplinary record, he cooperated in the investigation, and
admitted his wrongdoing. In addition, there were no client losses and no
client complaints about discretionary trading.
For his misconduct, Mr. Mansour has been fined $30,000; is required to
pay $7,500 in costs and disgorge $6,116 in commissions. In addition, Mr.
Mansour has been suspended for three months and must rewrite and pass the exam
based on the Conduct and Practices Handbook.
Mr. Mansour is currently employed with Jones, Gable & Company Limited.
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: Carmen Crépin, Vice-President, Québec, (514)
878-2854 or email@example.com; Jeffrey Kehoe, Director, Enforcement Litigation,
(416) 943-6996 or firstname.lastname@example.org