The Quebec District Council of the Investment Dealers Association has imposed penalties on Howard Eisen, the former executive vice president and managing director in charge of operations and credit with Marleau Lemire Clearing Inc. Eisen was responsible for day to day operations and credit at Marleau Lemire Securities Inc.

The council found that Eisen had failed to adequately carry out his role as managing director in charge of credit when he failed to ensure that the handling of client business in the accounts of two clients was within the bounds of good business practice.

The council found that Eisen’s failure to do so constituted conduct unbecoming an officer or director. The council then dismissed a charge of conduct unbecoming an officer or director in relation to Eisen’s role as managing director in charge of compliance.

Eisen was fined $15,000 and ordered to pay $5,000 toward the costs of investigation. Also, as a precondition to his approval in any credit capacity with a member of the IDA, Eisen shall write and pass the Partners, Directors and Senior Officers’ Qualifying Examination administered by the Canadian Securities Institute.