The Manitoba District Council of the Investment Dealers Association of Canada has imposed disciplinary penalties on Welling West Capital Inc. and its chief compliance officer, Daniel McDonald.

On October 20, the IDA accepted a settlement agreement, pursuant to which McDonald admitted that he failed to carry out certain of his responsibilities as ultimate designated person and chief compliance officer, namely that he failed to adequately supervise the activities of a suspended registered representative.

In the same settlement agreement, Wellington West admitted that while Heather Dorothy Stefanson was suspended from acting in the capacity of a registered representative, it issued client statements indicating her as registered representative and remunerated her in part based on transactions in accounts bearing her name.

The IDA fined McDonald $6,000 and Wellington West $13,000. It ordered Wellington West to pay $3,439 in investigation costs.

For a complete summary of facts, please see IDA Bulletin No. 3206 at www.ida.ca.