(December 21 – 11:10 ET) – The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Nancy Hong Lin, a former registered rep with the Ottawa branch of Nesbitt Burns Inc.

Under the settlement agreement, Lin admitted that she failed to use due diligence to ensure that recommendations made were appropriate for her clients.

Between March 1996 and June 1997 Lin made a number of recommendations for clients that were unsuitable. She recommended speculative technology and mining stocks to individuals with limited resources and moderate investment objectives.

Lin also effected trades without prior written authorization and without the accounts having been approved for discretionary trading.

Lin receives a six-month suspension for a period of six months. She must also pay back $2,021.32 in commissions and pay the IDAs investigation costs of $2,000. Lin is no longer working in the securities industry.
-IE Staff