(December 15 – 11:15 ET) – The Investment Dealers Association of Canada has imposed discipline penalties on Charles Sobering for failing to properly supervise a registered representative in his office who engaged in “conduct unbecoming.”

While a Branch Manager at the Kitchener office of Midland Walwyn. Sobering was responsible for supervising George Georgiou between May 31, 1993, and November 19, 1993. Restrictions had previously been placed on Georgiou’s trading activities. It was Sobering’s duty to ensure compliance with these restrictions.

Sobering did not contest that he failed to properly supervise George Georgiou. He was fined $12,000 and must pay the Association’s investigative costs of $3,000. As a condition of his continued approval, Sobering must re-write and pass the branch manager’s examination.

The IDA also imposed discipline penalties on now Merrill Lynch Canada Inc. The company did not contest that it failed to adequately supervise client accounts. As well, Midland Walwyn did not contest that it failed to ensure that all required documentation had been obtained from
various clients and reviewed by the branch manager prior to opening new margin
accounts.

Midland Walwyn was fined $25,000 and must re-pay the IDA’s investigative costs of $5,000.
-IE Staff