The Saskatchewan District Council of the Investment Dealers Association of Canada has imposed penalties on Joseph Walsh, a former registered rep of TD Securities Inc. and Nesbitt Burns Inc. Walsh is no longer employed in the securities industry.

The IDA found that on three occasions involving two different clients, Walsh failed to ensure that recommendations made for the accounts of these clients were appropriate and in keeping with their investment objectives

Walsh was fined $10,000 — $5,000 for each client. He was also ordered to disgorge client commissions in the amount of $1,743 and pay $5,000 toward investigation costs.

Walsh is prohibited from registration four months, and is prohibited from re-registration with the IDA in any capacity until the fine, disgorgement, and costs are paid in full.