The Pacific District Council of the Investment Dealers Association of Canada has fined James Betnar, a former registered rep with Yorkton Securities Inc., $50,000 for misappropriating client funds and failing to co-operate with the IDA’s investigation.

The penalties assessed against Betnar include a fine of $30,000 for the misappropriation and a fine of $20,000.00 for the failure to co-operate.

The penalty also includes a prohibition against re-approval in any registered capacity for five years from July 1, 2003, eighteen months of strict supervision as a condition of re-approval in any registered capacity, a condition of re-approval in any registered capacity that Betnar successfully re-write and pass the examination based on the Conduct & Practices Handbook Course administered by the Canadian Securities Institute, and a prohibition against re-approval in any registered capacity until such time as the fine, costs and interest herein are paid in full.

In addition, Betnar is required to pay $15,000 towards the IDA’s costs of the investigation. He is also required to pay interest on the fines and costs.

For a complete summary of facts, please see Bulletin No.3186 on the IDA website, at www.ida.ca.