The Pacific District Council of the Investment Dealers Association of Canada has fined a registered rep with Pacific International Securities Inc. $30,000 for undeclared short sales and other infractions.

As part of a settlement agreement accepted by the IDA on January 27, Darko Mrakuzic admitted that he effected 30 undeclared short sales in a client’s account, failed to make Pacific aware of his involvement in a joint venture, made false or misleading statements to Pacific about share acquisitions made by him and his family members; and facilitated a trade through his father’s account for a client to circumvent a debt owed to Pacific by the client.

Besides the fine, Mrakuzic also received a prohibition against receiving reapproval in any registered capacity for one year. In addition, he is required to pay $2,500 in costs.

For a complete summary of facts, please see IDA Bulletin 3244 at www.ida.ca.