A hearing panel of the TSX Venture Exchange Inc. approved a settlement agreement between the TSX-VE and Luke Smith, a former C.M. Oliver & Co. Ltd. rep.

Under the terms of the settlement, Smith is required to pay a fine of $7,500 and $2,500 towards the cost of the investigation.

On six trading days during the period Oct. 21, 1996 to Dec. 31, 1996, Smith conducted eight trades in SBI Skin Biology Inc. which were initiated by orders for purchases and sales entered at substantially the same time and substantially the same price between certain client accounts. Trading on three of these days involved successive purchases and sales in these client accounts where the trades were of no economic benefit to the clients.

The TSX-VE said Smith failed in his role as gatekeeper as he ought to have both questioned and documented such responses in relation to these trades.

Following a review of findings of RS’s investigation, RS has determined there are no grounds for any disciplinary proceedings against C.M. Oliver, which has since been bought out.