The Investment Dealers Association has fined Nicolas Tsaconakos, the COO and CFO of Rampart Securities Inc. of Toronto, $175,000 for failing to ensure adequate compliance policies were in place the firm.

As CFO, COO and a member of the executive committee, Tsaconakos was primarily responsible for establishing and maintaining policies that met IDA requirements and for taking reasonable steps to ensure that Rampart compliance staff and salespeople implemented such policies.

It was also his responsibility to exercise the necessary due diligence to identify Rampart’s regulatory compliance problems in existence upon his arrival and to rectify such deficiencies.

“We require officers and directors at member firms to exercise their responsibilities to ensure effective supervision and full compliance with association rules and responsibilities,” said Alex Popovic, IDA vice president, Enforcement.

In addition to the fine, Tsaconakos agreed that he will never seek approval for registration for employment at an IDA member firm for any position with regulatory compliance or regulatory supervisory responsibilities.