A hearing panel of the Investment Dealers Association of Canada has found Robert William Boswell, at all material times an approved person at the Calgary branches of Research Capital Corp., and subsequently Jennings Capital Inc., guilty of unauthorized trading in 27 client accounts.

In its decision dated November 3, a the panel concluded that Boswell engaged in unauthorized trading involving more than 350 trades in 27 client accounts while he was employed at Research and Jennings;

Boswell also attempted to compensate a client for losses by providing a series of post-dated cheques, which were later returned NSF.

As well, Boswell serviced clients in three provinces where he was not registered, and misrepresented account balances to a client.

Boswell also failed to provide his personal cellular telephone records to the IDA when requested to do so by IDA investigators.

Allegations of unauthorized trading were first made against Boswell at Research, which led to his employment being terminated on Feb. 6, 2003. He then went to work at Jennings, where his employment was terminated in October 2003 because of client complaints about unauthorized trading. Boswell has not been registered with an IDA Member firm since that time.

The IDA said a penalty hearing will be scheduled at a later date.