A hearing panel of the Investment Dealers Association of Canada has terminated the membership of LVM Canada Ltée.

On March 3, the panel considered, reviewed and accepted a settlement agreement between IDA staff LVM Canada. The firm admitted it:

  • failed to maintain a risk adjusted capital greater than zero at all times as required, between August 2003 and January 2006;
  • failed to produce audited financial statements for the fiscal year ending October 31, 2005, as required;
  • failed to appoint a qualified chief financial officer since July 15, 2005; and
  • failed to pay part of its Annual Membership fee for 2002.

As a result, LVM Canada’s membership with the IDA has been terminated and it must pay a $13,921 fine.

In May 2003, due to the discontinuance of its activities as an investment dealer, LVM Canada’s registration was suspended by the Commission des valeurs mobilières du Québec and its membership was suspended by the IDA.

For a complete summary of facts, please see IDA Bulletin 3523 at www.ida.ca.