The Investment Dealers Association of Canada announced the disciplinary measures it would take against Bruce Graeme Taylor.

A settlement was reached, on June 7, between a hearing panel of the IDA and Taylor, a representative with Assante Capital Management Ltd. and former director and chief financial officer of Tone Resources Ltd.

Taylor admitted to failing to disclose his involvement in Tone to Assante or IDA; advising and facilitating in off-the-books purchases; and violating an agreement with Assante stating Taylor would not deal with shares in Tone.

The IDA publicly reprimanded Taylor and fined him $7,000 in Association costs. Previously to the IDA hearing Taylor faced sanctions from Assante in an internal investigation. Assante suspended Taylor between December 2003 and March 2004 and made him rewrite the Conduct and Practices Handbook examination. Taylor agreed to heightened supervision up until September 2004 and to donate $50,000 to the charity of Assante’s choice. He complied with all aspects of the agreement, which was taken into consideration by the IDA panel.