The Quebec District Council of the Investment Dealers Association of Canada has permanently barred a Quebec broker for violating IDA by-laws.
Following a hearing concluded on May 21, 2004, the District Council found that Harry Migirdic, at the relevant time a registered representative at a Montreal branch of CIBC World Markets Inc.:
- altered information on two clients’ know-your-client updates without the clients’ knowledge or authorization;
- assumed responsibility for the decline in value of a client’s portfolio and offering compensation for the losses incurred without the knowledge or consent of CIBC World Markets;
- obtained, under false pretences, the signatures of clients for account guarantee agreements in favour of other clients; and
- accepted a forged power of attorney on a client account, knowing it had not been signed by the beneficial owner of the account.
The District Council also found that Migirdic effected discretionary trades in the accounts of five clients without their knowledge or authorization, and without the accounts having been authorized as discretionary by CIBC World Markets.
Migirdic is permanently prohibited from approval in any capacity with a member firm of the IDA. In addition, The IDA fined Migirdic $305,000 and ordered him to pay $55,000 in costs.
Migirdic employment with CIBC World Markets was terminated in April 2001.
For a complete summary of facts, please see IDA Bulletin 3305.