The British Columbia Securities Commission has allowed Carolann Steinhoff’s appeal of a decision of a panel of the Pacific district council of the Investment Dealers Association of Canada.

That panel found that Victoria-based Steinhoff, former ScotiaMcLeod Inc. star broker, had effected one unauthorized trade in the account of a client and effected trades for Ontario residents when she was not registered to trade in Ontario. For these infractions, she had been fined a total of $5,250 and ordered to re-write the Conduct and Handbook Practices Course.

“The IDA concurrently appealed the penalty decision to the BCSC on the basis that it was too low. The commission’s ruling means that Steinhoff is cleared of the IDA findings and that the association’s appeal with respect to penalty was dismissed,” the IDA said. The BCSC has not yet issued reasons for its decision, made on Oct. 28.

Steinhoff was ScotiaMcLeod’s highest-performing broker in Western Canada and No. 3 in the country in 1999, having amassed almost $300 million under administration and gross commissions exceeding $4 million a year.

But in May 1999, ScotiaMcLeod (now Scotia Capital Inc.) alleged several clients had complained about her and consequently placed her under strict supervision. Two weeks later, she was fired, allegedly for violating the terms of her strict supervision.

http://www.newswire.ca/en/releases/archive/November2004/02/c7749.html