A hearing panel of the Investment Dealers Association of Canada has fined Randal Jerome Hazen, an approved person with the Mississauga, Ont. branch office of CIBC World Markets Inc., $10,000 for unauthorized trading in private placements.


Following a disciplinary hearing held on June 21, Hazen admitted that during the period of February, March and August, 2000 he solicited and traded in investments for a group of his clients in two off-book private placements which were not available for distribution in Ontario without the knowledge or approval of his firm.

Hazen is fined $10,000 and must pay $5,000 in costs. In addition, Hazen has given an undertaking to provide the IDA, within 30 days of the effective date of the decision of the hearing panel, with a payment schedule of the monthly payments being made to CIBC for the reimbursement of the clients.

In the event that he is in default of any of the scheduled repayments, he shall be immediately and without further notice be suspended from approval with the IDA until such time as he pays any arrears and resumes payments.

Hazen is currently employed with CIBC World Markets as a trading officer first vp, registered representative and registered representative options.

For a complete summary of facts, please see IDA Bulletin 3563.