An Edward Jones registered representative in Ontario has been fined $15,000 and banned for two years by the Investment Dealers Association.

The IDA’s Ontario District Council imposed the penalties on Shofique Ahmed, at the time a registered rep at the Etobicoke, Ont. branch office of Edward Jones.

Last week, Ahmed reached a settlement agreement with IDA staff in which he acknowledged that he misled three clients as to the value of their accounts and he borrowed funds from a client, without the knowledge, consent or authorization of the member firm.

The penalties assessed against Ahmed are:

  • a fine of $15,000, inclusive of the association’s costs;
  • a prohibition against re-approval by the association to act in any capacity for two years, retroactive to Nov. 30, 2001;
  • must re-write and pass the CPH administered by the Canadian Securities Institute within six months prior to any application for re-approval;
  • prohibition against re-approval in any capacity until all penalties above are satisfied; and,
  • following re-approval in any capacity, monthly supervision reports to be filed by any member employer for 12 months following approval.

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