The Nova Scotia Securities Commission (NSSC) has approved a settlement agreement with National Bank Financial Ltd. (NBF) and Eric Hicks.
The commission found that NBF and Hicks violated Nova Scotia securities laws by failing to properly and adequately supervise the trading activities of former NBF employee Bruce Clark in relation to the trading of shares in Knowledge House Inc. NBF also failed to supervise the employees on preventative procedures properly.
NBF and Hicks accepted responsibility for their conduct and were co-operative with commission staff, the NSSC says.
Both respondents have received 75% of the maximum administrative penalty allowed under the Securities Act during the period from Dec. 6, 1999, to Aug. 16, 2001, when the violations occurred.
The NSSC ordered both NBF and Hicks to pay an administrative penalty of $75,000, and to pay costs in connection with the commission proceedings of $50,000.