A hearing panel of the Investment Dealers Association of Canada has expelled Graydon Elliott Capital Corp. from its membership.

In its decision dated October 29 the panel approved a February 2007 decision by an expedited hearing where Graydon’s membership in the IDA was suspended and it was ordered to cease dealing with the public.

Although Graydon initially sought to challenge the February 2007 decision, it eventually abandoned that application and concluded a settlement agreement with IDA staff agreeing to be expelled from the IDA.

In its decision, the panel found that Graydon had failed to meet IDA minimum capital requirements from Jan. 1 to Feb. 26, 2007; provided inaccurate, misleading and contradictory information concerning its financial and other affairs on several occasions when under close scrutiny by the IDA; and engaged in a variety of financial transactions that seemed, at best, questionable, and at worst, improper, and in violation of various requirements imposed upon it by the IDA.

Graydon currently has no client accounts, no client assets and has no approved persons in its employ.