A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on Bertrand Trudel, at all material times an approved person with the Joliette, Que., branch of Lévesque Beaubien Inc., now National Bank Financial Inc.

In its disciplinary decision dated Mar. 23, 2007, the hearing panel ruled that on or about Mar. 21, 2002, Trudel effected an unauthorized trade on behalf of his client; between July 1997 and July 2002, he effected discretionary trades in a client’s margin account without the proper written authorization of the client; between January 2000 and July 2002, he made unsuitable recommendations to two clients given their investment objectives and risk tolerance; and between January 2000 and November 2002, he took instructions from a third party without a proper power of attorney to carry out trading in the account of three clients.

The panel dismissed counts that Trudel failed to ensure that certain operations on behalf of his clients were in accordance with the rules set forth in the Quebec Securities Act and that he failed to report his personal interest in a company in which his clients were investing.

In its penalty decision dated May 28, 2007, the panel ordered that Trudel pay a total fine of $35,000; disgorge commissions in the amount of $6,359.37; and pay $10,000 in costs. Furthermore, Trudel is to be under close supervision until November 1, 2007.

Trudel is currently employed with Retirement Option Group Inc.