The Ontario Securities Commission has approved a settlement agreement between enforcement staff and Maureen Kerbel.

Between 1996 and 2000, Kerbel was the director, trading officer and president of J.M. Charter Securities Corp., a registered securities dealer. Charter’s business consisted of acquiring stock for its own account, and selling that stock to its clients.

Approximately 84% of Charter’s revenue was derived from principal trading with its clients, and the company earned gross profit of approximately $8.5 million. As the president, trading officer and a director of Charter during the material time, Kerbel failed to act in the best interests of Charter’s clients, and failed to deal fairly, honestly and good faith with the clients of Charter, thereby breaching Ontario securities law.

The OSC recognized she made efforts to mitigate the damage. Kerbel took steps in 2000 to change the focus of the business activity of Charter from principal trading to agency trading and to ensure that Charter would meet the membership requirements of the IDA, but was not successful in her efforts.

In the latter part of 2000, when it became apparent to Kerbel that she could not effect these changes, she undertook efforts from Nov. 2000 to approximately mid-April 2001 to complete the transfer of securities owned by clients to brokerage firms to ensure the orderly and voluntary wind up of the operations of Charter.

Under the terms of settlement, Kerbel has undertaken not to apply for registration in any capacity for a period of two years from the date of the settlement’s approval. She has undertaken not to act as an officer or director of a registrant or an officer or director of any issuer in Ontario, which has an interest directly or indirectly in any registrant for a period of five years.

Furthermore, she has undertaken not to purchase or sell securities for a period of two years, with the exception that she be permitted to purchase or sell securities in personal accounts in her name in which she has the sole beneficial interest, and in registered retirement savings plans in which she has solebeneficial interest.