The Ontario District Council of the Investment Dealers Association of Canada has imposed penalties on William Armstrong, a former Registered Representative of C.M. Oliver & Co. Ltd..

The District Council found that Armstrong failed to use due diligence to ensure that the recommendations made for a client account were appropriate for the client and in keeping with the client’s stated investment objectives.

The IDA has assessed Armstrong with an $8,000 penalty and disgorgement of net commissions earned of $834. He must also pay $6,500 toward the costs of investigation and IDA disbursements in the amount of $557.

As a condition of his re-approval in any capacity, Armstrong must file monthly supervision reports for six months. Furthermore, payment of all fines, disgorgement, and costs must be made in full before re-approval.

Armstrong left the industry in September 1999 and has not been registered in any capacity since.