(April 5 – 12:15 ET) – The Investment Dealers Association of Canada has imposed disciplinary penalties on a Midland Walwyn branch manager and the firm for failure to supervise a broker in Midland’s Penticton, B.C. branch.
The branch manager, James Paul Dunlop, has been hit with a $15,000 fine, $2,500 in costs, and he must rewrite the Branch Managers Qualifying Exam. Midland, now Merrill Lynch Canada Inc., has been hit with a $25,000 fine, $5,000 in costs, and a disgorgement of $11,000 worth of commissions.
The penalties come due to a failure to supervise broker, Scott Alexander Clark, in 1993 and 1994. Both Dunlop and Midland were found to have failed to properly supervise the handling of an account “to ensure that the trading recommendations made by the registered representative were not excessive and were suitable for the clients.”
Back in December Clark was slapped with a $13,000 fine, a $53,000 disgorgement and $8,500 in costs. He was also required to rewrite the Conduct and Practices Handbook exam and submit to 12 months of close supervision.
-IE Staff