TORONTO, Aug. 7 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed
discipline penalties on David Lyle Doering, at all material times a Registered
Representative with the Mississauga Branch of BMO Nesbitt Burns Inc. (BMO), a
Member of the IDA.
Following a disciplinary hearing held on July 5, 2007 in Toronto,
Ontario, Mr. Doering admitted to engaging in conduct detrimental to the public
interest, contrary to By-law 29.1 in that between February and August 2000, he
acted contrary to the provisions of the Ontario Securities Act when he
solicited and traded investments for his clients in two off book private
placements for which a prospectus had not been filed nor an exemption
obtained, without the knowledge of his Member firm employer and contrary to
his firm's internal policies.
A second allegation was dismissed, namely that between October and
November 2000 Mr. Doering engaged in business conduct or practice unbecoming
and detrimental to the public, also in violation of By-law 29.1, by failing to
disclose his involvement in an outside business activity, namely that he was a
director and CFO of a company, to his Member firm employer or to the IDA. The
Hearing Panel noted that it was influenced in this finding by the fact that
the company was inactive and that the Respondent was not paid or otherwise
compensated for his efforts. The Panel noted that while it was wrong to not
disclose this activity immediately upon being asked by his then Member firm
employer it was possible that he did not realize his error until he rewrote
the Conduct and Practices Handbook exam as required by the internal discipline
of his previous employer in relation to the off book private placements; it
was shortly thereafter that he made the disclosure to his new employer.
For his misconduct, Mr. Doering is fined $12,500 and must pay $10,000 in
costs. Mr. Doering will also be under close supervision for six months from
the start date of new employment at a Member firm.
Mr. Doering is not currently employed by an IDA Member firm.
For a complete summary of facts, please see IDA Bulletin 3653 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
For further information:
For further information: Alex Popovic, Vice President, (416) 943-6904 or
firstname.lastname@example.org; Jeff Kehoe, Enforcement Director, Enforcement Litigation,
(416) 943-6996 or email@example.com