TORONTO, Sept. 13 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed
discipline penalties on Margaret Patricia Hayden, at all material times an
Approved Person with Acadian Securities Inc. in Halifax, Nova Scotia, a Member
of the IDA.
Following a settlement hearing held on August 14, 2007, a Hearing Panel
accepted the Settlement Agreement wherein Ms. Hayden admitted that she acted
contrary to Regulation 1300.1(a) in that, in June 1997 and February 2000, she
failed to learn the essential facts relative to three clients in that she did
not properly complete new account forms for these clients. Ms. Hayden also
failed to use due diligence to learn the essential facts relative to an order
accepted between September 1999 and January 2000, in that she did not
adequately inform herself as to the nature or details of the Bell Canada
International bond, before accepting the order for purchase of this security
by her client. The IDA commenced its investigation as a result of a client
complaint that was received in 2005.
For her misconduct, Ms. Hayden is fined $17,000 and must pay $17,500 in
costs. She must also successfully complete the examination based on the
Conduct and Practices Handbook within six months from the effective date of
the Settlement Agreement.
Ms. Hayden is currently employed with Acadian Securities Inc.
For a complete summary of facts, please see IDA Bulletin 3670 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, Enforcement,
(416) 943-6904 or email@example.com; Jeff Kehoe, Director, Enforcement
Litigation, (416) 943-6996 or firstname.lastname@example.org