(February 16 – 12:25 ET)- The Pacific District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Rubina Khan Ahmed.

At the time of the offences, Ahmed was a rep working in the Vancouver, B.C. branch office of RBC Dominion Securities Inc.

Pursuant to the settlement agreement, Ahmed acknowledged that she:

  • exercised discretion with respect to sixteen trades in twelve different client accounts, between April 1-7, 1997;
  • engaged in business conduct which is unbecoming and detrimental to the public interest. In particular, on April 3, 1997, she purchased shares for four client accounts which had not been constituted as discretionary; and
  • failed to make and keep a record of written authorization or ratification from a client naming a third party as a person from whom she could accept trading instructions in relation to that client’s account.

Ahmed was fined $24,500. As a condition of re-approval by the IDA she must re-write and pass the Conduct and Practices Handbook for Securities Industry Professionals exam. In addition, she has to pay $6,850.00 toward the Association’s investigation costs. Ahmed is no longer registered with the IDA.
-IE Staff