The Investment Dealers Association of Canada today imposed a permanet ban and a $50,000 fine on an Edmonton broker for fraudulent practices.

Clive Thomas, a former employee of Union Securities Ltd., was found to have:

  • misrepresented to his employer important facts on a new client application form;
  • altered a photocopy of personal identification; and
  • forged a signature to create a fictitious client account.

Thomas also conducted trades in a fictitious client account, the IDA said.

In addition to facing the ban and the fine, Thomas is required to pay $12,000 towards the association’s costs in the case.

The Investment Dealers Association is the national self-regulatory organization and representative of the securities industry.

For a complete summary of facts, please see IDA Bulletin 3322.