The Investment Dealers Association of Canada (IDA) has fined Karl Mansour, of the Montreal branch of Jones, Gable & Company Ltd., $30,000 for trading misdeeds.

An IDA hearing panel accepted an agreement in which Mansour admitted that on Jan. 24, 2006, he accepted instructions from a third party to have shares registered and delivered that were in a client’s account, without the client’s written authorization or ratification. As well, he failed to disclose to his employer that he had trading authorization for or controlled four accounts, two of which were at Jones Gable and two of which were at other firms and he engaged in discretionary trading in two foreign client accounts in the sense that it was not disclosed to his employer that he actually had trading authorization for the accounts. From February to October 2004, he gave instructions on an account at another firm without a proper trading authorization from the client.

In determining penalty, the panel considered that Mansour did not have a disciplinary record, he cooperated in the investigation and admitted his wrongdoing. In addition, there were no client losses and no client complaints about discretionary trading.

Mansour, who is still employed by Jones Gable, has been fined $30,000, is required to pay $7,500 in costs and disgorge $6,116 in commissions. In addition, Mansour has been suspended for three months and must rewrite and pass the exam based on the Conduct and Practices Handbook.

A second IDA hearing panel found that a former employee of the Jones Gable Montreal branch, Louis-Philippe Séguin, refused to cooperate in an IDA investigation by refusing to attend and give information on or about March 22, 2006.

A penalty hearing will be held for Séguin on Feb. 14, 2008.