The Nova Scotia District Council of the Investment Dealers Association of Canada has fined a Halifax broker $10,000 for unauthorized trading in client accounts.

On September 29, the District Council considered, reviewed, and accepted a settlement agreement negotiated between IDA staff and Frederick Saturley, at all material times a registered rep with the Halifax branch office of BMO Nesbitt Burns Inc.,

Under the agreement, Saturley admitted that between March 14, 1997 and Aug. 20, 1997 he effected discretionary trades in client accounts without such accounts having been specifically approved and accepted in writing as discretionary accounts by a designated person of BMO Nesbitt.

Saturley was fined $10,000 and must successfully re-write Conduct and Practices Handbook exam administered by the Canadian Securities Institute. In addition, Saturley must to pay costs in the amount of $5,000.

For a complete summary of facts, and the Reasons for Decision released by the District Council on December 8, 2004, please see IDA Bulletin 3361 at www.ida.ca or accovam.ca.

The Investment Dealers Association of Canada is the national self-regulatory organization and representative of the securities industry. The IDA’s mission is to protect investors and enhance the efficiency and competitiveness of the Canadian capital markets. The IDA enforces rules and regulations regarding the sales, business and financial practices of its Member firms and its approved persons. Investigating complaints and disciplining Members and approved persons is part of the IDA’s regulatory role.