An appeal panel of the Investment Dealers Association of Canada has reduced the discipline penalties imposed on LVM Canada Ltée and Jean-Claude Paradis.

The hearing was held on June 15, following an appeal lodged with the IDA by LVM and Paradis.

At the conclusion disciplinary hearings In December 2004, LVM and Paradis had been acquitted of the principal violations alleged against them, with a single violation having been upheld against them in relation to the improper handling of a client’s complaint.

The appeal panel reduced to $20,000 the $40,000 fine initially imposed on LVM Canada and upheld the $10,000 fine imposed on Paradis. The panel also upheld the requirement imposed on Paradis to rewrite and pass the Partners, Directors and Officers examination, but limited this requirement to the sole purpose of re-registration within an officer category or a supervisory function.

As well, the panel cancelled the costs that had been imposed on the two respondents.

LVM Canada membership privileges with the IDA are currently suspended, and Paradis is currently not registered with an IDA member.

For a complete summary of facts, please see IDA Bulletin 3456.