A hearing panel of the Investment Dealers Association of Canada has disciplined RBC Dominion Securities Inc. with a $130,000 fine and ordered it to pay $5,000 in costs, the IDA announced today.

In a settlement agreement between RBC DS and IDA staff, RBC DS admitted to seeking and getting IDA approval to have an individual designated as branch manager of its Penticton, B.C. branch office for 46 months “when in fact it did not intend for him to perform, nor did he actually perform, any of the
responsibilities that a branch manager is required to perform.”

According to the IDA’s release, between Nov. 28, 1997 and Sept. 24, 2001, “the responsibilities were actually performed by the branch manager of RBC DS’s Kelowna branch office, who was not normally present at the Penticton branch office.”