A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on an approved person with the Edmonton branch office of RBC Dominion Securities Inc.

Following a disciplinary hearing held on May 1, the hearing panel considered, reviewed and accepted a settlement agreement negotiated between IDA staff of and Kelly John Campbell Husky.

Husky admitted that he:

    on or about April 12, 2004 failed to use due diligence to learn and remain informed of the essential facts relative to every customer;

  • on or about April 29, 2004 executed one trade in each of a client’s two accounts without the knowledge and consent of the client

    For his misconduct, the IDA fined Husky i$25,000 and ordered him to disgorge $1,227 in fees.

    He is subject to a period of six months close supervision, which commenced on May 1, 2006, must rewrite and pass the Conduct and Practices Handbook exam and pay $4,000 in costs.

    In addition, the Edmonton branch of BMO Nesbitt Burns Inc., an IDA Member firm and Husky’s current employer, levied a $5,000 fine which has been paid.

    For a complete summary of facts, please see IDA Bulletin 3540.