A hearing panel of the Investment Dealers Association of Canada, appointed pursuant to By-law 20, has imposed discipline penalties on Thomas Edward McLellan, at all material times, the chief compliance oficer of Sora Group Wealth Advisors Inc, a member of the IDA.

Following a disciplinary hearing held on March 29, the hearing panel determined that between November 2004 and May 2005, McLellan knowingly permitted an approved person who was not registered in any capacity for the province of Ontario to maintain investment accounts, advise, and/or place transactions on behalf of clients who resided in the province of Ontario, contrary to By-law 29.1.

For his misconduct, McLellan has been fined $15,000, is required to pay $5,000 in costs and is prohibited from re-approval by the IDA for a period of three months. McLellan must also successfully complete the Conduct and Practices Handbook exam offered by the Canadian Securities Institute.

McLellan is no longer employed with an IDA Member firm.