A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on Ivan Djordjevic, at all material times an Approved Person at the Toronto office of Desjardins Securities Inc.

Following a disciplinary hearing on July 17, 2007, Djordjevic was found to have forged the signature of one client on an unlimited guarantee for the purposes of having the clinet guarantee the account of another client PW.

Neither clients of Djordjevic knew of each other until November 2005, at which time Djordjevic told the first client that he had linked his account with the second client.

The panel accepted the evidence of the IDA’s expert witness, who testified that the signature on the guarantee was forged.

The panel found that there was clear and convincing proof, based on cogent evidence, that the signature of the first client on the guarantee was forged and Djordjevic was the person who had forged the signature. This matter has been referred to the police.

For his misconduct, Djordjevic has been permanently banned from approval with an IDA member firm. In addition he has been fined $50,000 and must pay $15,000 in costs.

The panel commented that “Djordjevic’s conduct was deliberate and deceptive and violated the bond of trust between registered representative and client.”

The panel concluded that a lifetime ban was appropriate and necessary in view of the egregious nature of Djordjevic’s conduct and to prevent a reoccurrence.

Djordjevic has not been registered with an IDA firm since November 2005.