The Investment Delears Associations of Canada has permanently banned a former employee of Dundee Securities Corp. in Moncton, N.B., who admitted misappropriating client funds and forging sell orders. As well, the IDA fined Dosithe Richard $150,000.

Richard admitted the offences in a settlement reached with the IDA on March 1.

In the settlement, Richard acknowledged that he:

  • misappropriated about $82,000 in client funds and used some of the money to compensate for other clients’ losses;
  • led a client to believe that the misappropriated funds provided to her represented income from her investment account, when the account was in fact never opened; and forged three sell ticket orders as part of the misappropriation.

In addition to the fine and the ban, Richard must pay $15,000 in investigation costs. He was fired by Dundee in January 2002.