The Pacific District Council of the Investment Dealers Association of Canada has imposed penalties on Gerald Stone, at former rep at Midland Walwyn Capital Inc.

Pursuant to a settlement agreement, Stone admitted that he executed trades without a client’s authorization and failed to ensure that recommendations he made were appropriate for and in keeping with the client’s investment objectives.

Stone must pay a $15,000, and is prohibited from re-approval in any capacity for three months. He must also rewrite and pass the examination based on the Conduct and Practices Handbook before such re-approval. Stone must also pay investigation costs of $3,500.

Stone has not been employed by a member firm in a registered capacity since January 20, 1998.