The Ontario District Council of the Investment Dealers Association has slapped a $100,000 fine Simon Kin-Ho Tam, a former vice president and branch manager with TD Evergreen Securities Inc.

The district council found that Tam had participated in a series of off-book transactions in the distribution of certain shares and repurchased certain shares from numerous dissatisfied customers. Tam did not advise Evergreen of these transactions or of client complaints.

In a statement, the district council noted that “Tam’s violations were of the utmost gravity and were aggravated by his holding a supervisory position.”

Besides the $100,000 fine, the district council ordered him to pay $7,500 in investigation costs. As well, Tam is required to rewrite the Conduct and Practices Handbook exam should he wish to return to the industry. He ould also be prohibited from acting in a supervisory capacity for a period of five years.