Market Regulation Services Inc. reports that Canaccord Capital Corp. has made additional disgorgements after examining the trading records of an employee who was sanctioned back in December 2003.

On December 5, 2003 a hearing panel approved settlement agreements between RS and both Canaccord and Kai Tolpinrud concerning trading on the Canadian Venture Exchange Inc. between March 2001 and March 2002.

Under the terms of the settlement, Canaccord agreed, among other things, to a requirement that it: undertake a review of trading by Tolpinrud from January 1, 2000 to March 11, 2002 to identify any offside trades; to make disgorgement to any client identified in the review (and not already compensated); and, submit by March 1 a report on the review and disgorgement.

RS now reports that, as of June 2004, Canaccord had complied with the terms of the settlement. In addition to amounts previously disgorged, it has also paid back another $5,359.13 and $60,695.34 to two clients.