A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on David Lyle Doering, at all material times a registered representative with the Mississauga, Ont. branch of BMO Nesbitt Burns Inc.

Following a disciplinary hearing held on July 5, in Toronto, Doering admitted that between February and August 2000, he acted contrary to the provisions of the Ontario Securities Act when he solicited and traded investments for his clients in two off book private placements for which a prospectus had not been filed nor an exemption obtained, without the knowledge of BMO Nesbitt and contrary to his firm’s internal policies.

A second allegation was dismissed, namely that between October and November 2000 Doering failed to disclose his involvement in an outside business activity, namely that he was a director and CFO of a company, to BMO Nesbitt or to the IDA. The panel noted that it was influenced in this finding by the fact that the company was inactive and that the respondent was not paid or otherwise compensated for his efforts. The panel noted that while it was wrong to not disclose this activity immediately upon being asked by his then member firm employer it was possible that he did not realize his error until he rewrote the Conduct and Practices Handbook exam as required by the internal discipline of his previous employer in relation to the off book private placements; it was shortly thereafter that he made the disclosure to his new employer.

For his misconduct, Doering was fined $12,500 and must pay $10,000 in costs. Doering will also be under close supervision for six months from the start date of new employment at a member firm.

Doering is not currently employed by an IDA member firm.

For a complete summary of facts, please see IDA Bulletin 3653.