(January 28 – 15:30 ET) – The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Michael Brian McCrea, a former registered rep at Gordon Capital Corporation.

The District Council has ruled that McCrea committed the following violations:
1) misleading and deceiving his employer in using the member firm proprietary accounts for trades that resulted in personal gain;
2) misleading and deceiving his employer in using the member firm error and inventory averaging accounts for trades that resulted in personal gain;
3) misleading and deceiving his employer in transferring a personal loss from his account to the member firm proprietary account; and
4) misleading and deceiving his employer in failing to seek approval for his personal trades contrary to member firm policy and contrary to by-law 29.1.

The discipline penalty assessed against Mr. McCrea is a permanent prohibition against approval in any capacity, and a fine in the amount of $100,000.00. In addition, McCrea is required to pay $9,775.00 toward the Association’s costs of investigation of this matter.
-IE Staff