The Ontario District Council of the Investment Dealers Association of Canada has imposed a 10-year ban on Ian Grieve, a former registered representative of Scotia McLeod Inc. and Thomson Kernaghan & Co. Ltd. Grieve must also pay a $100,000 fine.

On February 5, 2003, the District Council found that Grieve had engaged in unauthorized discretionary trading in the accounts of several clients and had failed to ensure his recommendations for their accounts and those of other clients were appropriate and in keeping with their investment objectives.

The District Council also found that Grieve had acted outside the bounds of good business practice, and had on two occasions conducted himself in a manner unbecoming and contrary to the public interest.

The District Council also ordered that he pay $50,000 towards the association’s costs of the investigation and proceedings.

For a complete summary of facts, please see IDA Bulletin No. 3116 at www.ida.ca.