The Pacific District Council of the Investment Dealers Association of Canada has fined a former Union Securities registered rep $45,000 for unauthorized trading.

In a settlement with the IDA, Ramon Porcellato admitted that between November 2000 and January 2001 inclusive, he effected trades for himself in the account of a client with the knowledge and consent of the client, but without the knowledge and consent of Union.

In or about January 2001, Porcellato misled Union regarding the nature of debits in the account of a client, and between November 2000 and January 2001, inclusive, he entered misleading foreign exchange rates on the trade tickets for the trades he effected for himself in the account of a client.

Besides the $45,000 fine (broken down as $10,000 for each of the first two violations and $25,000 for the third violation), Porcellato is prohibited against re-approval in any registered capacity for three years and 12 months of strict supervision as a condition of re-approval in any registered capacity.

Another condition of re-approval in any registered capacity is that Porcellato must successfully re-write and pass the examination based on the Conduct & Practices Handbook Course administered by the Canadian Securities Institute.

In addition, Porcellato is prohibited against re-approval in any registered capacity until such time as the fine and the costs are paid in full. He is also required to pay $5,000 towards the Association’s costs of this investigation.

http://www.newswire.ca/releases/June2003/12/c2523.html