The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Joseph Genovese, a former rep with Representative with Nesbitt Burns, Inc.

On April 8th, 2002 the District Council reviewed and accepted a settlement agreement negotiated with the Association’s Enforcement Department staff.

In a settlement agreement accepted on April 8, Genovese acknowledged that he failed to ensure that the personal circumstances and investment objectives of a client were accurately reflected in the new account documentation prepared when her investment account was opened at Nesbitt Burns Inc.

He also acknowledged that he made recommendations and carried out transactions that were unsuitable given the client’s personal circumstances and investment objectives; and that he advised the client to change the investment objectives specified on documentation to comply with his recommendations.

The IDA has fined Genovese $17,000, and ordered him to pay investigation costs of $8,000. As well, as a condition of continued approval in any capacity, he must file monthly supervision reports for two years. Genovese faces potential suspension without notice if he fails to comply with the penalties.