The Investment Dealers Association of has imposed discipline penalties on Rampart Securities Inc.

In a disciplinary hearing held on Jan. 21, 2002, the Ontario District Council found that Rampart had committed a series of violations in the sales compliance, financial compliance and regulatory capital areas.

The IDA has terminated Rampart’s rights, privileges and membership in the association. As well, it has fined $3 million and ordered it to pay the association’s costs of $270,000.

“These are serious matters that warranted very severe penalties. It should be clear to all that systemic non-compliance of this nature will result in termination of membership and the imposition of significant fines,” said Paul Bourque, senior vice president, Member Regulation.

Rampart’s membership rights and privileges had been suspended on Aug. 14, 2001.