The Pacific District Council of the Investment Dealers Association has imposed penalties on Peter Miles, a former registered rep with CIBC Wood Gundy Securities Inc.

Pursuant to a settlement agreement, Miles admitted that he failed to use due diligence to learn the essential facts relative to certain orders in one client account.

The IDA slapped Miles with a $7,000 fine, said that he must rewrite and pass the examination based on the Conduct and Practices Handbook for Securities Industry Professionals as a condition of re-approval by the Association in a registered capacity.

In addition, Miles is required to pay $2,000 toward investigation costs.