(July 17 – 11:40 ET) – The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Mark Fridgant for contravening association by-laws.
From March 1990 through to July 1996, Fridgant handled the RRIF account of his client while working at Moss, Lawson and subsequently at Nesbitt Burns. During this time Fridgant completed 56 transactions in the account, and his client incurred a total of $59,032 in deferred sales charges or redemption fees and switching fees.
During the same period, the client’s account declined in value from $125,500 to about $81,000, of which approximately $32,000 was withdrawn by the client from the RRIF.
On at least 18 occasions, Fridgant effected transactions that created or increased a debit balance in the RRIF account and thereby created a potential tax liability for the client.
The client has since been compensated for his losses in the RRIF account. Fridgant contributed $20,000 to a compensation package paid to the client. Moss, Lawson and Nesbitt Burns made contributions to the package as well.
Fridgant was fined $55,000 and suspended for one month to be followed by strict supervision of his activities for a period of two years. He must re-write the Conduct and Practices Exam within 90 days of the date of the decision and pay $7,000 towards the Association’s costs.
Fridgant is currently employed by Canaccord Capital Corporation.
For a complete Summary of Facts, please see IDA Disciplinary Bulletin No.2741 at www.ida.ca.
-IE Staff