A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on Dan Ionescu, at all material times an approved person with the Montreal branch office of iForum Securities Inc.

Following a settlement hearing, the panel considered, reviewed and accepted a settlement agreement negotiated between staff of the IDA and Ionescu.

In the agreement, Ionescu admitted that, between May 2003 and January 2004, he failed to exercise due diligence in facilitating an investment in a hedge fund that had not been approved for distribution in Quebec. This matter was referred to the IDA by Market Regulation Services Inc. in September 2006.

In determining penalty, the panel noted that Ionescu did not have a disciplinary history, cooperated in the investigation and readily admitted his wrongdoing.

For his misconduct, Ionescu has been fined $10,000 and is required to re-write the Conduct and Practices Handbook Course within six months

Ionescu is currently not registered with an IDA member firm.