A hearing panel of the Investment Dealers Association of Canada fined a former chief operating officer of IPC Securities Corp. $40,000 for failing to supervise IPC’s inventory and error accounts.

John Alexander, was a vice president, director, COO and registered representative with the Toronto office of IPC Securities.

On August 3, 2005, the hearing panel accepted a settlement agreement negotiated between Alexander and IDA staff. Alexander admitted that on or about Jan. 30, 2004, he failed to fully and properly supervise IPC’s inventory and error accounts.

In addition to the fine, Anderson is:

  • permanently prohibited from approval to act in any supervisory capacity with any IDA member;
  • suspended from approval to act in any registered capacity with any IDA member for a period of one year.
      Upon any subsequent registration approval, Anderson will be subject to strict supervision for a period of one year.

      In addition, Alexander must pay $10,000 towards the IDA’s costs of the investigation and prosecution.

      Alexander has not worked in the industry in a registered capacity since February 2004.