The Québec District Council of the Investment Dealers Association of Canada announced Monday that has assessed a $100,000 fine on a Montreal broker and his company for millions of dollars of improper trades in the shares of Bre-X Minerals.

Resolution Capital Inc. and its president, secretary, CEO, sales manager, and ultimate designated person, Gaston English.

At a May 6, penalty hearing, the District Council said the fine againstResolution Capital Inc. and its president, secretary, CEO, sales manager, and ultimate designated person, Gaston English. was to be apportioned equally.

As well, English must pass the Conduct and Practices Handbook examination to continue as a registered representative of a Resolution, and the Partners, Directors and Senior Officers Qualifying examination to continue to perform any duties as a person responsible for approving and supervising accounts.

In order to perform retail account activities, Resolution must comply with stated requirements to ensure that it maintains adequate supervision and internal control procedures and practices.

English and Resolution are also required to pay, in equal parts, the Association’s costs of $44,000.

Some of the trades, done by English and his company involved former Bre-X president David Walsh and his two sons.

However, the IDA said neither English nor the company are alleged to have participated in the fraud.

For a complete summary of facts, please see Bulletin No. 3161 at www.ida.ca.