(March 19 – 12:15 ET) – The Alberta District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Darrell Modin, a former rep at the Calgary branch of Levesque Securities Inc. Levesque is now National Bank Financial Ltd.

As part of the settlement agreement, Modin admitted that during July 1997 to October 1998, he failed to exercise due diligence to ensure that every recommendation made for the account of two clients was appropriate and in keeping with their investment

Modin further admitted that during the August 1997, he exercised discretionary authority to effect trades in the same account without having the prior written authorization of the clients, and without such account having been specifically approved and accepted in writing as a discretionary account by the designated person of the Levesque Securities.

Modin was fined $4,500 for the violations, and must disgorge $1,700 of commissions earned in the amount of $1,700.00. In addition, he must pay $2,000 toward the IDA’s investigation costs. Modin is currently employed as a rep with National Bank Financial Ltd.