The Ontario District Council of the Investment Dealers Association of Canada has imposed a discipline penalty on Ellis Gareth, formerly and most recently an approved person with Dundee Securities Corp.

Gareth has not been approved for employment by a member of the IDA since November 1999.

On November 22, 2001, a discipline hearing was convened before the District Council pursuant to a Notice of Hearing and Particulars. Staff of the IDA’s Enforcement Department of the alleged that, from 1980 to 1999 Gareth opened and operated a bank account and securities accounts using a pseudonym.

The IDA dealt Gareth a permanent prohibition on his approval in any capacity with any member of the association. In addition, Gareth is required to pay $2,500 towards the association’s costs of investigation of this matter.