(May 9 – 16:45 ET) – The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Gorinsen Capital Inc. and Kenneth Norquay.
Norquay was the president, director and secretary-treasurer of Gorinsen, an IDA member. The District Council found that Gorinsen allowed its name to be used by an unregistered person to facilitate a private placement of securities. It also found that Norquay failed to conduct appropriate and diligent inquiries regarding a private placement and unknowingly allowed an unregistered person to act in furtherance of trades.
The discipline penalties assessed against Gorinsen are a fine in the sum of $7,500 and disgorgement of commissions in the sum of $2,736. The discipline penalty imposed against Norquay is a condition on his registration approval that he be prohibited from involvement in private placements for a period of three years. In addition, Gorinsen and Norquay are required to pay $1,500 each toward the Association’s costs of investigation.
Effective May 1, 2000, Gorinsen has changed its name to Westmister Securities Inc. Westminster Securities Inc. remains a member of the association but is owned by third parties unrelated to Norquay. He continues to be employed by Westminster Securities Inc.