A hearing panel of the Investment Dealers Association of Canada in Montreal has imposed a 10-year ban on IPC Securities Corp. broker for providing a client with misleading information and concealing faked trading activity.

On September 27, following a July 23 hearing, the Hearing Panel reviewed and accepted a settlement agreement negotiated between Jamal Hashim and IDA staff. Pursuant to the settlement agreement, Hashim admitted that between April and June 2002:

  • on numerous occasions, he accepted a short trading offer for the account of a client when he was not permitted to do so;
  • he misrepresented to the client that orders placed by the client had been filed and provided the client with misleading information regarding the balance of the account; and
  • he attempted to conceal or concealed from IPC the faked trading activity in the account of the client by keeping a separate record of the transactions he was accepting from the client.
  • Hashim has not been registered with any member of the IDA since June 2002.

    The settlement prohibits Hashim from re-approval by the IDA for a period of 10 years. Before any re-approval, he must re-write and pass the Conduct & Practices Handbook exam. If after the 10 years prohibition Hashim is re- approved, he will be subject to strict supervision for three years.

    For a complete summary of facts, please see IDA Bulletin 3343.