The Ontario District Council of the Investment Dealers Association of Canada has imposed penalties on The Financial Centre Securities Corp. and Samuel Kenneth Jack Aquino, an officer the firm.

As part of the settlement agreement, the firm admitted that, during its 1998-99 fiscal year, it failed to keep and maintain a proper system of financial books and records.

The firm also admitted that it failed to establish and maintain adequate internal controls, and that, in or around September 1999, it failed to maintain sufficient risk-adjusted capital.

The IDA has levied a $25,000 fine against the firm, plus $3,500 towards the association’s costs of investigation.

Aquino was fined $10,000 and is required to rewrite the PDO Exam. He must also pay $1,250 towards the IDA’s costs of investigation.

The Financial Centre has taken corrective actions to avoid a repetition of these events, and has appointed a new chief financial officer. The IDA says that no clients suffered any losses as a result of these events.