A hearing panel of the Investment Dealers Association of Canada, has imposed a discipline penalty upon Orazio Petriello, at all material times an approved person with Dundee Securities Corp., Pointe Claire, Que.

Following a disciplinary hearing held on March 29, 2007 and on May 10, 2007 in Montreal, the panel found Petriello guilty of engaging in conduct detrimental to the public interest. Between Oct. 19, 2000 and Aug. 19, 2002, Petriello misappropriated funds, totalling $124,000, of one of his clients by depositing six bank drafts purchased by this client in the accounts of two other clients who were persons tied to Petriello, namely his father and his spouse.

For his misconduct, Petriello is permanently banned from approval with the IDA, fined $150,000 and must pay $29,135.18 in costs.

Petriello has not been registered with an IDA firm since Nov. 2, 2004.

For a complete summary of facts, please see IDA Bulletin 3645.