(August 17 – 12:30 ET) – The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Stephen Parke, a former rep with Midland Walwyn Capital Inc.

As part of a settlement agreement, Parke admitted that during early 1997, he traded in securities in a client’s account without obtaining written authorization and without the account being designated as a discretionary account.

In August 1996, the client instructed Parke to sell some speculative holdings at specific target prices. Parke did not enter open sell orders and also failed to obtain a discretionary account agreement.

The council found that Parke’s conduct had a substantial negative impact on the client’s account and resulted in a decline in the total value of the investments purchased from January to March 1997.

Parke was fined $10,000 and is required rewrite and pass the examination based on the Conduct and Practices Handbook for Securities Industry Professionals. He is also required to pay $900 towards the IDA’s investigation costs.

For a complete Summary of Facts, please see IDA Disciplinary Bulletin No. 2758 at www.ida.ca.
-IE Staff