The Pacific District Council of the Investment Dealers Association of Canada has issued a $38,000 fine to Stewart Loughery, a former registered representative with Research Capital Corp.

Under a settlement agreement accepted by the Council on October 2, 2002, Loughery admitted that he:

  • exercised discretion in non-discretionary accounts without client authorization;
  • put client accounts into debit positions;
  • made recommendations based on an inadequate understanding of a client’s assets; and
  • made recommendations that were inappropriate for a client’s stated investment objectives.

Along with the fine, Louhery is required to pay $15,000 in investigation costs. He is also prohibited from seeking registration approval for three years.

For a complete summary of facts, please see IDA Bulletin No. 3063 at www.ida.ca.