(April 25 – 10:40 ET) – The Alberta District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Lynn David Chouinard, a former vice-president in the Calgary, Alberta branch office of CIBC Wood Gundy Securities Inc.
Pursuant to the Settlement Agreement, Chouinard admitted that in October 1996 he recommended an unsuitable security for the account of a client. On October 16, 1996, Chouinard recommended the purchase of a high risk, speculative security. The client’s risk factor for the account was for good quality securities only. At the time of purchase the security was subject to a cash take-over offer for less than the price paid by the client to purchase it. The take-over offer was subsequently increased and the client made a small profit.
The discipline penalty assessed against Chouinard is a fine of $5,000.00. In addition, Chouinard is required to pay $1,000.00 towards the Association’s costs of investigation.
For a complete summary of the facts please see IDA Disciplinary Bulletin No. 2718 at the IDA’s website.
-IE Staff