The Ontario District Council of
the Investment Dealers Association
of Canada has imposed discipline
penalties on Michael E. Holoday,
a former employee at Midland
Walwyn Capital Inc. and
First Marathon Securities Limited.
On December 2, 1999, the
District Council reviewed and
accepted a settlement agreement
that had been negotiated with Mr.
Holoday by staff of the
Association’s Enforcement
Division. Pursuant to the
settlement agreement, Holoday
admitted that he engaged in
personal financial dealings with
nine clients without the knowledge
or approval of his Member firm
employer.
The discipline penalty assessed
against Holoday is a permanent
prohibition of his approval in any
capacity with any Member firm of
the Association.
Beginning in 1992 and ending in
Fall 1994, Holoday engaged in
personal financial dealings with
nine clients without the knowledge
or approval of his Member firm
employer. The financial dealings
consisted of making loans to
clients, receiving loans from
clients, giving IOUs to clients
and issuing personal cheques to
clients. The gross value of such
dealings with the nine clients was
over $1.6 million.
The settlement agreement
addresses nine of the twenty eight
allegations contained in a Notice
of Hearing and Particulars
concerning Holoday, issued in
August 1999. The hearing of the
remaining allegations has been
adjourned pending the outcome of
the prosecution of related
criminal charges against Holoday in
the Ontario Court of Justice.
-IE Staff