VANCOUVER, Oct. 10 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed
discipline penalties on Moin Mirza, at all material times an Approved Person
at the Edmonton branch of Union Securities (Union), an IDA Member firm.
Following a disciplinary hearing held on June 5, 2007, a Hearing Panel
found that, on September 7, 2006, Mr. Mirza failed to cooperate with an IDA
interview, contrary to By-law 19.5. After considering all of the evidence, the
Panel found that Mr. Mirza's conduct was consistent with a lack of any desire
to cooperate and an intentional avoidance of the request for cooperation.
In a separate penalty decision dated September 18, 2007, the Hearing
Panel imposed a $40,000 fine upon Mr. Mirza and required him to pay $7,651.10
in costs. In assessing penalty, the Panel considered aggravating factors that:
Mr. Mirza's contravention was intentional; his non-compliance was complete
until a Notice of Hearing was issued; his non-compliance stalled the IDA's
investigation for eight months; his refusal to cooperate was not based on
legal advice; and that his interview was of material importance to the IDA's
The Hearing Panel also considered mitigating factors that Mr. Mirza had
no prior disciplinary history and that after the Notice of Hearing was issued,
Mr. Mirza retained counsel and agreed to and was in fact interviewed by the
IDA on May 8, 2007.
Mr. Mirza is currently not registered with an IDA Member firm.
For a complete summary of facts, please see IDA Bulletin 3679 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: Warren Funt, Vice-President, Western Canada,
(604) 331-4750 or firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement Litigation,
(647) 200-7627 or email@example.com