(June 6 – 12:15 ET) – Disciplinary proceedings initiated by the Toronto Stock Exchange Inc. against Christos Fimis and Michael Schlichting have been resolved.
Fimis was employed as a registered trader with Levesque Beaubien Geoffrion Inc. (now known as National Bank Financial Inc.). Fimis admitted that on Sept. 15 and 17, 1998, he entered four short sales of two exchange listed securities below the price of the last board lot sale of those securities contrary to section 11.27(3) of the TSE’s general by-law. Fimis also admitted that between Sept. 14 and 30, 1998, he failed to designate 13 short sales as such at the time the orders were entered in the book contrary to section 11.27(9) of the general by-law.
As penalty, Fimis must pay a fine of $7,000, pay $3,000 towards the cost of the TSE’s investigation.
Schlichting was also a registered trader with Levesque Beaubien Geoffrion Inc. He admitted that on Sept. 15, 1998, he failed to designate a short sale as such at the time the order was entered contrary to section 11.27(9) of the TSE’s general by-law (the “General By-law”). Schlichting also admitted that he entered a short sale of a security on the TSE below the price of the last board lot sale of the security on the TSE contrary to section 11.27(3) of the general by-law.
As penalty, Schlichting must pay a fine of $5,000 and pay $2,500 towards the cost of the investigation.
-IE Staff