Notice to public: Penalty hearing in the matter of Steven James Westman



    VANCOUVER, Sept. 28 /CNW/ - The Investment Dealers Association of Canada
(IDA) announced today that a hearing will be held before a Hearing Panel
appointed pursuant to By-law 20 in respect of discipline penalties which may
be imposed upon Mr. Westman, at all material times a registered representative
at the Winnipeg, Manitoba branch of Merrill Lynch Canada Inc. (now CIBC World
Markets Inc.). Mr. Westman is not currently employed with an IDA Member firm.
    Mr. Westman and IDA staff have concluded an Agreed Statement of Facts
which will form the basis for a penalty hearing. Mr. Westman and IDA staff
have also agreed that Mr. Westman committed the following violations:

    
    (i)    Between May 1999 and October 2000, the Respondent, while employed
           as a Registered Representative at the Winnipeg branch of Merrill
           Lynch Canada Inc., failed to use due diligence to ensure that the
           recommendations made for the TLEC account were appropriate for
           that client and in keeping with its investment requirements and
           restrictions, as set out in its Framework Agreement, contrary to
           Regulation 1300.1(c).

    (ii)   In February and March 2001, the Respondent, while employed as a
           Registered Representative at the Winnipeg branch of Merrill Lynch
           Canada Inc., failed to use due diligence to learn the essential
           facts relative to every order accepted, contrary to Regulation
           1300.1(a), in that he did not adequately inform himself as to the
           nature or details of two income trusts, before recommending the
           purchase of these securities to his client, TT.

    (iii)  In February and March 2001, the Respondent, while employed as a
           Registered Representative at the Winnipeg branch of Merrill Lynch
           Canada Inc., failed to use due diligence to ensure that the
           recommendations made for the TT account were appropriate for that
           client and in keeping with its investment objectives, contrary to
           Regulation 1300.1(c).
    

    The hearing is scheduled to commence at 1:00 p.m. on Monday, October 22,
2007, at the Fairmont Winnipeg Hotel, located at 2 Lombard Place, Winnipeg,
Manitoba. The hearing is open to the public except as may be required for the
protection of confidential matters. Copies of the decision of the Hearing
Panel will be made available.

    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; Connie Craddock, Vice-President, Public
Affairs, (416) 943-5870 or ccraddock@ida.ca

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IDA

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INVESTMENT DEALERS ASSOCIATION OF CANADA

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