A Hearing Panel of the Investment Dealers Association of Canada has dismissed a charge against Julius Caesar Phillip Vitug, at all material times an Approved Person with the Toronto branch of Blackmont Capital Inc., a Member of the IDA.

By written decision, the Hearing Panel dismissed the charge that, in or about April and July 2006, Vitug violated By-law 29.1 by engaging in business conduct or practice which is unbecoming or detrimental to the public interest in that he misled staff of the IDA-on two occasions-by failing to respond truthfully and/or completely to questions posed in relation to two clients at an interview conducted by the IDA pursuant to By-law 19.5.

The Hearing Panel found that Vitug was not given sufficient notice in writing prior to the interviews about two clients about whose accounts he was questioned and therefore was deprived of the opportunity to fully prepare for the examination. The Panel ruled that the IDA has a duty to advise the person to be examined in writing of the matters under investigation and that the notice should be sufficient to let the person know in what respect his or her co-operation is required, which did not happen in this case.

The Hearing Panel also noted that the reason for not giving notice about the information was based on a concern on the part of the IDA to protect the integrity of the investigative process and to avoid any prejudice to the investigation.

Vitug is currently employed with Blackmont.