The Investment Dealers Association of Canada has imposed disciplinary fines on a Vancouver and a Montreal rep.

The Pacific District Council of the IDA Investment Dealers Association of Canada has fine Trevor Morrison, a rep with the Vancouver branch office of IPO Capital Corp., $5,000. He is also required to pay $1,500 in Association costs. He has also been suspended or one year from approval in any
capacity with the IDA. This was deemed to have been served by the more than three-year period that Morrison was under close supervision.

Pursuant to a settlement agreement, Morrison admitted that between March 16, 1999 and June 3, 1999, he distributed U.S.$56,000 in securities in
the form of debtor certificates of Value Software Corporation without a
receipt for a prospectus for the security having been obtained and without any exemption from the requirements of the B.C. Securities Act.

Meanwhile, an IDA panel in Montreal has An IDA Hearing Panel of the Investment Dealers has imposed discipline penalties on Leduc & Associés
Securities Canada Ltd. and Jean-Claude Paradis who, at the relevant time, was the “ultimate designated person” of Leduc & Associés.

A $10,000 fine was imposed on Paradis. He is also required him to rewrite and pass the Partners, Directors and Officers examination. Leduc & Associés is fined $40,000. In addition, Paradis and Leduc & Associés are jointly required to pay
$15,137.76 in Association costs.

Paradis was found to have failed to deal effectively and diligently with a complaint made by a client. Leduc & Associés also failed to ensure that the client’s complaint was dealt with effectively, and with due diligence by a “designated qualified person,” in accordance with IDA Policy 2.

Paradis has not been registered with an IDA firm since September 30, 2003. The IDA Member rights and privileges of Leduc & Associés were suspended on May 21, 2003 and the resignation process is still in progress.

www.ida.ca