Dec. 20 – 12:00 ET) – The Pacific District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Scott Alexander Clark, a former representative at the Penticton, B.C. branch of Midland Walwyn Capital Inc.
On November 25, 1999, the District Council reviewed and accepted a settlement agreement that had been negotiated with the Association’s Enforcement Division Staff. In the settlement agreement, Clark acknowledged that he:
1) accepted trading instructions for an account from a client’s son without having made and kept a record of written authorization or ratification from his client naming her son as a person from whom Clark could accept trading instructions;
2) engaged in excessive trading in two client accounts;
3) in respect of two client accounts, failed to use due diligence to ensure that the trading
recommendations he made were suitable for the clients and in keeping with their investment
objectives.
The discipline penalties assessed against Clark are: a fine of $13,000; disgorgement of net commissions in the sum of $53,000; conditions of re-approval by the Association in any registered capacity that he must re-write and pass the examination based on the Conduct and Practices Handbook for Securities Industry Professionals, and submit to being closely supervised for a period of 12 months. In addition, Mr. Clark is required to pay $8,500 toward the Association’s costs of investigation of this matter.
The conduct of the Member firm and the branch manager remain under consideration by the Association.
-IE Staff