A hearing panel of the Investment Dealers Association of Canada (IDA) has imposed discipline penalties on Davor Dave Milardovic, formerly an approved person with the Toronto branch of IPC Securities Corp.

Following a disciplinary hearing on July 27, 2007, the panel found that Milardovic failed to cooperate in an IDA investigation in that he failed to attend interviews scheduled by IDA staff on Jan. 11, 2007, and on May 9, 2007. The interviews were being conducted as part of an investigation into the circumstances surrounding his dismissal from IPC Securities.

For his misconduct, Milardovic has been fined $50,000 and must pay $8,000 in costs. He has also been assessed a permanent prohibition from approval in any capacity.

Milardovic has not been employed with an IDA member firm since March 2006.

For a complete summary of facts, please see IDA Bulletin 3665.