The Pacific District Council of the Investment Dealers Association of Canada has fined a former Vancouver branch manager of Thomson Kernaghan & Co. Ltd. $25,000 permanently prohibited from acting as branch manager for failing to adequately supervise a broker.

After a contested hearing held in the fall of 2004, a panel of the Pacific District Council found that Douglas Corrigan failed as branch manager to adequately supervise the activities of a TK investment representative.

In its written penalty decision released May 13, the panel fined Corrigan $25,000 and permanently prohibited him from being or acting as a branch manager or compliance officer. In addition, Corrigan is required to pay $15,000 in Association costs.

The panel indicated that Corrigan’s negligence or failure to exercise due diligence in fulfilling his supervisory responsibilities was serious and a significant fine was warranted.

The panel also indicated that given Corrigan’s experience as a branch manager, and the length of time during which he was required to oversee the TK rep, he had “demonstrated that he was not suited to assuming the responsibilities of a branch manager in today’s marketplace.”