The Investment Dealers Association of Canada today announced the penalties set out for Doreen Dempsey, of the Moncton office of Merrill Lynch Canada Inc.

A hearing panel finally accepted a settlement agreement negotiated at an hearing on April 25, 2005 between Dempsey and the IDA.

In the agreement, Dempsey admitted to recommending and processing transactions in the accounts of clients without first using due diligence to ensure that the recommendations or transactions were suitable for the clients, between October 1999 and April 2000.

She will be fined $35,000 as well as be subject to close supervision for a year. She is also obliged to rewrite and pass the Conduct & Practices Handbook course and pay $5,000 in IDA costs.

More information on the settlement can be found in IDA Bulletin 3430.