TORONTO, Nov. 13 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed
discipline penalties on Gregory James Evans, at all material times a
Registered Representative with CIBC Investor Services Inc. in Toronto. Mr.
Evans was an employee of both CIBC Investor Services and CIBC bank.
Following a disciplinary hearing held on September 19, 2007, a Hearing
Panel found that, between December 2004 and November 2005, Mr. Evans engaged
in conduct unbecoming or detrimental to the public interest, contrary to
By-law 29.1, in that he borrowed funds from a client without the knowledge,
consent or authorization of the Member firm; misappropriated $55,500 from a
client; fraudulently misrepresented to a client that certain funds he provided
to her were his repayment of a loan when in fact those funds were withdrawn
from her own account; and carried out unauthorized trading in that same
CIBC Investor Services Inc. discovered the conduct of Mr. Evans and
reported it to the IDA. They have since recompensed the client for the
unauthorized withdrawals from her account and reversed the unauthorized mutual
This matter has been referred to the police.
For his misconduct, Mr. Evans has been assessed a $100,000 fine; must pay
$25,000 in costs; and must disgorge $55,000. In addition, he has been
permanently barred from registration with the IDA.
Mr. Evans is not currently employed with an IDA Member firm.
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: Jeff Kehoe, Director, Enforcement Litigation,
(416) 943-6996, or email@example.com; Connie Craddock, Vice President, Public
Affairs, (416) 943-5870, or firstname.lastname@example.org