The Nova Scotia District Council of the Investment Dealers Association of Canada has imposed discipline penalties on William Gerrard Morrison. He was a registered representative of Midland Walwyn Capital Inc. (later Merrill Lynch Canada Inc.), an IDA member.

The district council found that Morrison failed to use due diligence to ensure that the recommendations made for a client account were appropriate for the client — in keeping with the client stated investment objectives. The district council also found Morrison to have provided the client with erroneous and misleading information regarding an investment.

The discipline penalties assessed against Morrison were: fines in the amount of $7,500 for each count for a total of $15,000; costs in the amount of $10,000, inclusive of disbursements.

In addition, the following conditions of re-approval/registration in any capacity will apply to Morrison:

– he must successfully re-write the Conduct and Practices Handbook for Securities Professionals examination prior to being reinstated to membership;
– upon any re-admission to the securities industry, he shall be subject to strict supervision, with monthly supervision reports to be filed with the IDA for a period of six months following such re-admission;
– he will not be re-approval until his fine, and the IDAÕs investigation and prosecution costs are paid in full.