The Alberta District Council of the Investment Dealers Association of Canada has imposed a lifetime ban on Zona Armstrong, a former registered rep and senior vice president, trading with Burns Fry Ltd.

In addition to the ban, Armstrong received several fines, including:

  • $120,000 for 11 counts of unsuitable investment recommendations;
  • $20,000 for two counts of failing to learn the essential facts relative to client accounts;
  • $50,000 for one count of engaging in business conduct or practice which was unbecoming or detrimental to the public interest; and
  • $15,000 for failing or refusing to comply with requests from the IDA to attend and give information in relation to its investigation.



Armstrong was also ordered to disgorge commissions of $241,000, and pay $50,000 of costs of the IDA’s investigation and prosecution.

The IDA said intends to file this decision with the Alberta Court of Queen’s Bench and will seek a civil execution order to ensure that the fines, disgorgements and costs are collected.

For a complete summary of facts, please see Bulletin 3155 on the IDA website at www.ida.ca.