The Nova Scotia District Council of the Investment Dealers Association of Canada has fined a Halifax broker $35,000 for giving false information about the value of a client account.
imposed discipline penalties on Richard Scott Latta, at the relevant time a Registered Representative Options with the Halifax office of National Bank Financial, a Member of the Association.
Following a hearing held on June 2 and 3, the District Council found that Richard. Latta, a registered representative options with the Halifax office of National Bank Financial:
- provided false information to an employee of a financial institution and to his client as to the value of the client’s accounts;
- failed to ensure that the use of margin in the client’s account was appropriate for her and in keeping with her investment objectives and personal circumstances; and
- represented the client in the province of British Columbia without being duly registered to do so.
The IDA prohibited Latta from re-applying for approval for a period of one year, effective as of June 24, and fined $35,000.
In addition, Latta must pay $10,000 towards the IDA’s costs.
Latta has not been registered with the IDA since Sept. 21, 2001.
For a complete summary of facts, please see IDA Bulletin 3308.