A hearing panel of the Investment Dealers Association of Canada (IDA) fined Hal Julien Biren $25,000 for professional misconduct that occurred while he was employed at TD Waterhouse Canada Inc. in North York, Ont.

Biren created a spousal RRSP account for a family member’s wife without witnessing her signature on the New Client Application Form (NCAF), and proceeded to execute trades on the account as requested by the client’s husband, without the appropriate authorization from the client.

Biren also transferred funds from the client’s account to her husband’s to resolve a margin call on that account.

Biren has been fined $25,000 and is required to pay $7,500 in costs. He must also re-write and pass the Conduct and Practices Handbook exam within 120 days. In addition, he is required to be under close supervision for 12 months, and for a period of 24 months, transfer existing accounts and not open any new account for his spouse or any other family relations.

The IDA discovered this conduct as a result of a series of ComSet reports commencing in December 2004.

The hearing panel accepted the settlement agreement negotiated between IDA staff and Biren.

In determining the penalty, the panel considered that Biren has no prior disciplinary record, he was blinded by his trust of the client’s husband who was a very close blood relative of his, the client’s account was a spousal RRSP account — the money for which came from the husband—and the amounts involved were small.

Biren is currently employed with the Markham, Ont. branch of HSBC Securities (Canada) Inc.