The Ontario District Council of the Investment Dealers Association of Canada has stayed pending charges against Fitzroy Eugene Clarke, a former rep with Midland Walwyn Capital Inc. and CIBC Wood Gundy Securities Inc.

The charges against Clarke stated that for two clients he failed to ensure recommendations were appropriate for the clients’ situation and investment objectives, and that he exercised discretion in executing trades without written client authorization and without the accounts having been accepted by his firms as discretionary accounts. Finally he was charged with engaging in the improper use of margin in the clients’ accounts.

In agreement with enforcement staff, the Council has stayed the pending charges because Clarke is in poor health. The stay shall be automatically dissolved if Clarke’s health permits and he wishes to return to the industry. Then the Association may then proceed with the allegations raised in the Notice of Hearing. Clarke would also be obliged to attend at the offices of the Association to be interviewed with respect to these and any other pending charges.