The Investment Industry Regulatory Organization of Canada (IIROC) today announced the date for a proposed hearing to consider the penalty to be imposed on Paul Patrick Futher.

Futher has admitted that:

> between 2002 and 2006, without his client’s knowledge, he conducted discretionary transactions in the account of KH, without being duly registered to do so and without those accounts being specifically approved and accepted as discretionary by the member firm; and

> Between 2002 and 2006, he failed to use due diligence to ensure that the recommendations he made for the account of client KH were appropriate for KH and in keeping with that client’s investment objectives and risk tolerance.

The Investment Dealers Association of Canada formally initiated the investigation into the Futher’s conduct on May 28, 2007.

The violations occurred when he was a registered representative with the Waterloo branch of Blackmont Capital Inc. Futher continues to be a registrant at the same branch.

The hearing panel will meet in Toronto on October 28.

IE