The Pacific District Council of the Investment Dealers Association of Canada has imposed penalties on John Xinos, a former rep at CT Securities Inc.

Pursuant to a settlement agreement, Xinos acknowledged that between July 1996 and January 1997, he effected a total of 16 unauthorized trades in two different offshore corporate accounts.

Xinos repaid the losses in one of those accounts by purchasing a bank draft with his personal funds without the knowledge, consent or authorization of his employer.

Xinos must pay a $20,000 fine and disgorgement of $2,520. He must re-write and pass the examination based on the Conduct and Practices Handbook for Securities Industry Professionals. In addition, Xinos must pay $5,000 toward investigation costs.