The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on William Armstrong, at the relevant time a registered representative of C.M. Oliver & Co. Ltd.

On January 21, 2003 the council found Armstrong had engaged in discretionary trading and had failed to use due diligence to ensure the recommendations for a client were in keeping with the client’s objectives.

In addition, the council found that Armstrong had failed or refused to comply with requests from the association to attend and give information in relation to the investigation.

Armstrong is fined $80,000, must pay $5,200 in disgorgement of profits and commissions, and must pay $20,000 in IDA investigation costs.

Armstrong is also permanently banned from serving as an employee of a Member firm in any capacity.

In determining the penalties, the council took into account Armstrong’s pre-existing record of regulatory misconduct, in that he had been previously disciplined on April 8, 1999, and again on Oct. 31, 2001 for similar violations.

For a complete summary of facts, please see IDA Bulletin No. 3107 at www.ida.ca.