The Ontario District Council of the Investment Dealers Association of Canada has imposed penalties on Richard Marion, a former registered rep at Wood Gundy Inc, (now CIBC World Markets Inc.).

Pursuant to a settlement agreement, Marion acknowledged that between June and August 1995, he failed to ensure that the acceptance of certain orders in one client account were within the bounds of good business practice and that he failed to ensure that recommendations made for the client account were appropriate and in keeping with the client’s investment objectives. Marion effected a total of two solicited and two unsolicited trades in one client account.

The IDA has assessed a $5,000 fine against. In order to be re-approved by the association in a registered capacity, he must re-write and pass the examination based on the Conduct and Practices Handbook for Securities Industry Professionals within six months of the effective date of the settlement agreement. As well, Marion must pay $2,500 toward investigation costs.