IDA expels Graydon Elliott Capital Corporation

    VANCOUVER, Dec. 5 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has expelled
from its membership Graydon Elliott Capital Corporation (Graydon), at all
material times an IDA Member firm.
    In its decision dated October 29, 2007, the Hearing Panel approved a
February 2007 decision by an expedited hearing where Graydon's membership in
the IDA was suspended and it was ordered to cease dealing with the public.
    Although Graydon initially sought to challenge the February 2007
decision, it eventually abandoned that application and concluded a Settlement
Agreement with IDA staff agreeing to be expelled from the IDA. In its
decision, the hearing panel found that Graydon had failed to meet IDA minimum
capital requirements from January 1 to February 26, 2007; provided inaccurate,
misleading and contradictory information concerning its financial and other
affairs on several occasions when under close scrutiny by the IDA; and engaged
in a variety of financial transactions that seemed, at best, questionable, and
at worst, improper, and in violation of various requirements imposed upon it
by the IDA.
    Graydon currently has no client accounts, no client assets and has no
approved persons in its employ.

    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: Warren Funt, Vice-President, Western Canada,
(604) 331-4750 or; Jeff Kehoe, Director, Enforcement Litigation,
(416) 943-6996 or

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