A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on Ronald Keith Furevick, at all material times an approved person at the Peterborough, Ont., branch of Desjardins Securities Inc.

Following a disciplinary hearing held on July 20, the panel accepted an agreed statement of facts jointly submitted by IDA enforcement staff and Furevick. In the statement of facts, Furevick admitted that he failed to disclose that he was the beneficial owner of an account in the name of Donald Verhash; that he had misrepresented to his employer’s sales compliance staff that transactions in that account were being directed by Verhash; and that he had conducted unauthorized trading in five accounts belonging to five different clients, none of whom suffered losses but were unnecessarily exposed to market risk of which they were not aware.

For his misconduct, Furevick has been fined $35,000 and must pay $25,000 in costs. He has also been assessed:

  • an 18 month suspension from approval in any capacity commencing on Jan. 1, 2006;
  • a 10-year suspension of approval in any supervisory capacity, including branch manager, chief compliance officer and ultimate designated person, commencing on Jan. 1, 2006;
  • a condition that he re-write and pass the examination based on the Conduct and Practices Handbook before being re-approved in any capacity; and
  • a one-year period of close supervision upon re-approval.

Furevick has not been registered with an IDA member firm since January 2006.

For a complete summary of facts, please see IDA Bulletin 3664.