A hearing panel of the Investment Dealers Association of Canada has fined an Ottawa broker $40,000 for acting as a portfolio manager without being registered as one.

Yusuf Osman was a registered representative with the Ottawa branch office of Argosy Securities Inc.

On Dec. 19, 2006, IDA panel accepted a settlement agreement negotiated between staff and Osman. Osman admitted that from January 2005 to April 2006, inclusive, he conducted his business consistent with the registration of a portfolio manager without being registered as such.

In addition to the $40,000 fine, Osman is must pay $1,000 in costs. He is also suspended from approval with the IDA for a period of one month.

Upon re-employment with an IDA Member firm, Osman is to be under strict supervision for a period of nine months and is required to complete the Conduct and Practices Handbook exam within six months.

For a complete summary of facts, please see IDA Bulletin 3602.