The Ontario District Council of the Investment Dealers Association of Canada has fined a registered re at the Toronto office of HSBC Securities (Canada) Inc. $15,000 for engaging in personal financial dealing with a client without the Member firm’s knowledge.

On January 30, the Ontario District Council considered, reviewed and accepted a settlement agreement between Kresimir Begic and Association staff. Pursuant to the settlement agreement, Begic admitted he engaged in personal financial dealing with a client without the firm’s knowledge and circumvented prospectus exemption requirements. Begic also admitted to participating in an oversubscribed issue without first making a bona fide offer of the security to the public.

As well as the $15,000 fine, Begic must pay $3,452.46 disgorgement of commissions, and $4,000 towards the IDA’s costs.

As conditions of re-approval with the IDA, Begic is required to successfully rewrite the Conduct and Practices Handbook exam and is required to be subject to close supervision for six months.

For a complete summary of facts, please see IDA Bulletin 3252 at www.ida.ca.