Following a disciplinary hearing held on March 6, in Vancouver, a hearing panel of the Investment Dealers Association of Canada (IDA) has fined suspended Ron Aloni for 30 days.

The panel found that Aloni failed to observe high standards of conduct in the transaction of his business by facilitating the purchase of shares of two private companies in the RRSP accounts of as many as 35 clients in Non-Brokered Private Placement (NBPP) transactions.

The panel noted that Alone did not make “reasonable inquiries to determine whether the NBPPs were a legitimate investment in circumstances which a reasonably diligent registered representative would have determined to be suspicious or deserving of further inquiry.”

At a penalty hearing on June 10, he hearing panel imposed a suspension on Aloni for a period of 30 days, and fined him $10,000. It also ordered him to pay costs in the amount of $5,000.

The IDA formally initiated the investigation into the Aloni’s conduct on April 7, 2005. The violations occurred when he was a registered representative with the 601 West Hastings Street Branch of Raymond James Ltd.

Aloni is currently registered with the 1140 West Pender Street Branch of Leede Financial Markets Inc.

The hearing panel’s decision and reasons are available at www.iiroc.ca.