The Pacific District Council of the Investment Dealers Association of Canada today announced it has taken separate disciplinary actions against a rep with the Vancouver branch office of CIBC World Markets Inc., and the firm Golden Securities Ltd.

On Dec. 17, 2003, the District Council fined Manas Dichow $25,000. Pursuant to the settlement agreement, Dichow admitted that he failed to ensure the recommendations made for a client’s account were appropriate and in keeping with the client’s investment objectives.. He also admitted that he failed to obtain the client’s specific instructions and authority for the type of security and timing in respect of two trades for a margin account.

Besides the fine, the District Council ordered Dichow to pay $6,000 in costs.

For a complete summary of facts, please see IDA Bulletin 3249.

In an unrelated action, the District Council fined Golden Capital Securities Ltd. $20,000 for failing to adequately supervise a registered rep.


Pursuant to the revised settlement agreement reached January 8, Golden admitted that it failed to adequately supervise Winnie Tang, and to institute sufficient controls on Ms. Tang’s overlapping functions.

Under the original settlement agreement, Golden was to be reprimanded and pay $25,000 in costs. The District Council increased the penalty to a fine of $20,000 with no reprimand and costs of $5,000, acknowledging that Golden’s conduct following the discovery of fraud had been exemplary. Golden immediately reported the fraud to the Association and changed procedures to ensure that such a fraud could not reoccur. No clients were affected and that Golden was harmed by Tang’s actions.

For a complete summary of facts, please see IDA Bulletin 3248 at www.ida.ca.