A hearing panel of the Investment Dealers Association of Canada has has suspended Larry Jay Tobin, an approved person with the Toronto branch office of TD Securities Inc.

On April 21, 2006, the Hearing Panel reviewed, considered and accepted a settlement agreement negotiated between IDA staff and Tobin

Tobin admitted that in 2003 he conducted his business consistent with the registration of a portfolio manager without being registered as such; engaged in discretionary trading in the accounts of six clients; and attempted to correct a trading error in a client’s account without first informing TD Securities.

In addition, Tobin also admitted that he failed to use due diligence to ensure that recommendations made for a client were appropriate and in keeping with their investment objectives.

For his misconduct, Tobin is fined $30,000 and must disgorge $28,000 in fees. He is also prohibited from seeking registration approval with any IDA member for a period of six months, which commenced on April 3, 2006, and is subject to strict supervision for a period of 12 months upon any subsequent re-entry into the industry.

In addition, Tobin must rewrite and pass the Conduct and Practices Handbook exam and pay $5,000 in costs.

Tobin had no previous disciplinary history and has not been registered with an IDA member firm since Dec. 30, 2005.

For a complete summary of facts, please see IDA Bulletin 3537.