The Canadian Venture Exchange Inc. has approved a settlement agreement with Thomas William Cox in a disciplinary hearing for unauthorized trading.

Cox and the CDNX have agreed to a $10,000 fine, another $10,000 in costs, and a mark on his permanent record.

Cox was a broker with Yorkton Securities Inc. between Dec. 4, 1996, and Aug. 31, 1997. Bill Friesen was a director of Computrex Centres Ltd. and head of a group that had negotiated a change of control agreement with Computrex. Leslie Fennern was a member of the group too, who had an account with Cox.

On Dec.1, 1996, a deadline for the agreement lapsed without the completion of certain required transactions. On December 3, Friesen was notified by Computrex that the agreement was terminated. On December 4, he sold 50,000 Computrex shares he held in an account at Yorkton with another broker, then faxed to Computrex his resignation from the board of directors.

On December 4, Friesen telephoned Rachel Lankester, Cox’s assistant, and instructed her to sell 57,500 Computrex shares from the Fennern account. Friesen did not have trading authority on Fennern’s account. Cox authorized Lankester to sell 57,500 Computrex shares from Fennern’s account. Yorkton did not have on file a written trading authorization signed by Fennern authorizing Friesen to enter orders on Fennern’s account.