IDA permanently bans Stephen Brook Toban, imposes $100,000 fine



    VANCOUVER, March 16 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed
discipline penalties on Stephen Brook Toban, at all material times an Approved
Person at the Vancouver head office of Global Securities Corporation (Global),
an IDA Member firm.
    In its written liability decision released November 20, 2006, the Hearing
Panel found that Mr. Toban failed to properly perform his role as gatekeeper
to the capital markets, contrary to By-law 29.1 and Regulation 1300.1(a), in
that, between approximately March 1999 and February 2001, he facilitated the
opening of investment accounts for as many as 35 non-Canadian residents, some
of whom had criminal or regulatory disciplinary histories, without making
diligent inquiries to ensure that each client's reason for opening an account
was legitimate and intended for legitimate investment purposes. Furthermore,
between approximately September 2000 and February 2001, Mr. Toban facilitated
certain transactional activity in the accounts previously noted without making
diligent inquiries to ensure the legitimacy of the transactions in
circumstances which should have called the transactional activity into
question because it was peculiar, suspicious or appeared to be consistent with
market manipulation, deception or other improper market related activity. The
Hearing Panel also found that on or about October 16, 2000, Mr. Toban effected
transactions in a client's account based on instructions he accepted from an
individual who was not authorized to trade in the account.
    Following penalty submissions heard on December 20, 2006, Mr. Toban has
been assessed a permanent ban from approval with an IDA Member firm, a fine of
$100,000, and a payment of $25,000 in costs. In addition, Mr. Toban must
disgorge $20,900 in commissions.
    Mr. Toban has not been registered with an IDA Member firm since
October 27, 2005.

    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; Jeffrey 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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