The Ontario District Council of the Investment Dealers Association of Canada has fined the former chief financial officer of St. James Securities Inc. for failing to adequate supervise a broker.

Following a May 3, disciplinary hearing, the District Council found that Edward Ing failed to adequately supervise the trading of John Illidge. The District Council also found that Ing failed to discharge his duties as CFO of St. James Securities Inc. in a prudent and reasonable manner.

Ing was fined $175,000 and ordered to pay $75,000 in costs. He was also and permanently prohibited from approval as a partner, director or officer of an IDA member firm and from approval in any supervisory capacity.

Ing ceased to be registered with the Association in April 2004.

For a complete summary of facts, please see IDA Bulletin 3283.