IDA Hearing Panel dismisses charge of failure to cooperate against Tumer Salih Bahcheli

    CALGARY, Dec. 5 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20 has dismissed a
charge of failure to cooperate against Tumer Salih Bahcheli, at all material
times an Approved Person with the Calgary branch of Jennings Capital Inc., an
IDA Member firm.
    In November 2004, IDA staff was advised by Mr. Bahcheli's former
employer, Yorkton Securities Inc. (now Orion Securities Inc.) that Mr.
Bahcheli had been dismissed with cause. Orion had found emails and draft
agreements relating to a private placement in InBusiness Solutions Inc. which
involved some of Orion's clients and Mr. Bahcheli. Orion was not aware of
these agreements or the private placement.
    In September 2005, Mr. Bahcheli attended an interview and provided the
IDA with relevant information. Between March 2005 and August 2006, Mr.
Bahcheli was asked to provide additional information, including documents
evidencing a loan. Mr. Bahcheli did not provide the requested documents and
cited solicitor-client privilege and privacy issues. As a result, the IDA
commenced a disciplinary proceeding against Mr. Bahcheli for failure to
cooperate in an investigation, contrary to By-law 19.5 and/or By-law 29.1.
    Although the Hearing Panel understood the IDA's rationale for commencing
the proceeding against Mr. Bahcheli, it dismissed the allegation for some of
the following reasons: (i) Mr. Bahcheli reasonably relied on legal advice
regarding the privilege/privacy issue; (ii) Mr. Bahcheli made efforts to
respond to the requests; and (iii) the loan documents (which were eventually
produced after the Notice of Hearing was issued) did not materially enhance
the information that the IDA had previously received and were not of material
importance to the investigation.
    Mr. Bahcheli is currently employed with Jennings Capital Inc.

    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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