The Investment Dealers Association of Canada has imposed disciplinary penalties on Michael Anthony Whistle, a former branch manager with T.D. Securities Inc.

On Sept. 17, 2002, the Ontario District Council accepted a settlement agreement negotiated between Whistle and IDA enforcement staff. Whistle admitted that he carried out a large number of discretionary trades in client accounts that had not been approved and accepted as discretionary. He also admitted to engaging in conduct inconsistent with his clients’ investment objectives and risk tolerance levels, and to depositing monies in client accounts without informing his employer.

Whistle is permanently prohibited from holding any supervisory or compliance position with a member of the IDA and may not re-apply for approval in any other capacity for at least two years. Should Whistle re-apply in the future, he must submit to a hearing to determine his fitness for approval. In addition, Whistle will pay $1,487 in disgorged commissions and $895 for investigation costs.

During the time he was employed at T.D. Securities Inc, Mr. Whistle was suffering from an “undiagnosed and untreated medical disorder,” says the IDA. He has not been approved by the IDA in any capacity since October 1999.