(August 1 – 09:30 ET) – Former Fortune Financial Corp. president David Singh has been banned from trading for five years.
Singh agreed to a settlement with the OSC, approved yesterday by the commission, that gives him a five-year trading ban, a four-year ban against acting as a corporate officer, and requires him to pay $25,000 in investigation costs.
The allegations against him centered on his failure to supervise former Fortune salesman, Paul Tindall. Singh also allowed Fortune reps who were only registered to sell mutual funds to sell other securities using his rep number. And he traded shares he received in a private placement of O’Donnell Investment Management Corp. while they were still technically subject to a hold period.
An OSC hearing against Tindall began yesterday, too, and could take several weeks. Most of the allegations against Tindall revolve around investments made by his clients in Advanced Radar Technologies Inc. in the mid-1990s.
-IE Staff