The Ontario District Council of the Investment Dealers Association has imposed discipline penalties on one man, and agreed to settle with another, accused of making inappropriate recommendations to clients.

Jeffrey MacDonald, a former advisor at the Scarborough branch of Scotia McLeod Inc., is forced to pay $18,000, as well as disgorgement commissions in the amount of $944. He must also pay the Association costs of the investigation — a grand total of $21,949.

The IDA also announced today that it will setlle with Peter Konidis, who was also an advisor at Scotia McLeod’s Scarborough branch. Konidis is ordered to pay $10,000 as well as a further $1000 in costs and disgorgements.

Both of the men accused have admitted that during the period between June 1997 and February 1998 they made recommendations that, given clients’ personal circumstances, were inappropriate and not in keeping with the clients’ investment objectives. The advisors had made recommendations and accepted unsolicited orders in connection with AlphaNet Telecom Inc.