The Ontario District Council of the Investment Dealers Association of Canada imposed discipline penalties on Glen Cooke, a former Registered Representative with Essex Capital Management

Pursuant to a settlement agreement, Cooke admitted that on two occasions he failed to use due diligence to learn the essential facts relative to certain orders in two client’s accounts. Cooke also admitted that on two occasions, he recommended a security which was not appropriate for the client’s needs or in keeping with the client’s investment objectives.

The IDA has slapped Cooke with $12,500 a fine. As well, Cooke must pay disgorgement of commissions in the amount of $875, and rewrite and pass the examination based on the Conduct and Practices Handbook for Securities Industry Professionals.