IDA imposes $45,000 fine and two month suspension on David Michael Michaels



    VANCOUVER, March 14 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada, appointed pursuant to By-law 20, has imposed discipline
penalties on David Michael Michaels, at all material times an Approved Person
with the Victoria office of Dundee Securities Corporation (Dundee), an IDA
Member firm.
    Following a hearing held on January 15 and 16, 2007, the Hearing Panel
determined that Mr. Michaels:

    
    -   between April 2000 and October 2000, facilitated and solicited
        participation in the sales of shares of a public company which
        transactions were conducted off the books and records of Dundee,
        contrary to By-law 29.1;
    -   between April 2000 and October 2000, advised and assisted clients
        with respect to the purchase of shares of the public company when his
        registration was restricted to the sale of mutual funds, contrary to
        the British Columbia Securities Act and By-law 29.1;
    -   entered into personal financial dealings with clients, contrary to
        Standard C of the Conduct and Practices Handbook and By-law 29.1;
    -   attempted to conceal information during the course of an IDA
        investigation and misled IDA staff with respect to facts required for
        purposes of its investigation, and attempted to frustrate the IDA's
        investigation, contrary to By-laws 19.6 and 29.1; and
    -   between August 1999 and February 2004 inclusive, maintained an
        account at another Member firm without the knowledge or consent of
        Dundee, contrary to By-law 29.1.
    

    For his misconduct, Mr. Michaels has been fined $45,000, must pay $15,000
in costs and is prohibited from re-approval by the IDA for a period of two
months. As a condition of re-approval, Mr. Michaels must successfully re-write
and pass the Conduct and Practices Handbook Course and be subject to six
months of close supervision.
    Mr. Michaels is currently not registered with an IDA Member firm.
    The IDA will appeal this decision to the British Columbia Securities
Commission with respect to the penalty imposed by the Hearing Panel.
    For a complete summary of facts, please see IDA Bulletin 3614 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
role.





For further information:

For further information: Warren Funt, Vice-President, Western Canada,
(604) 331-4750 or wfunt@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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