The Pacific District Council of the Investment Dealers Association has imposed discipline penalties on Richard Nyren, at former registered rep with Scotia McLeod Inc.

On October 31, 2001 a panel of the Pacific District Council considered, reviewed, and amended a settlement agreement negotiated between Nyren and staff of the association’s Enforcement Division.

Pursuant to the settlement agreement, Nyren admitted that in or around October 1998 he falsifyied examination results and then told association staff that the false results were true.

Under the terms of the amended settlement agreement Nyren’s approval by the IDA is withdrawn for a period of three months. However, the withdrawal of his approval is suspended upon the following conditions:

  1. within one month of the effective date of the Settlement Agreement he pay a fine of $10,000;
  2. he successfully re-writes the Conduct and Practices Handbook for Securities Industry Professionals examination within six months following the effective date of the Settlement Agreement;
  3. he successfully completes a period of six months close supervision following the effective date of the Settlement Agreement; and
  4. the Association’s costs of investigation in the amount of $1,000 are paid within one month of the effective date of the settlement agreement.

In the event any of these conditions are not complied with the suspension shall be immediately rescinded and the withdrawal of approval for the specified period will become effective.