P.G. Broker Fined
By 250 News
The Investment Dealers Association has imposed disciplinary fines and a suspension on Bruce Calvin Deck of Prince George.
The action is in the wake of Deck's admission to actions that were contrary to investment bylaws.
Specifically, Deck admitted that while an Approved Person with the Prince George office of TD Waterhouse Canada Inc. (TD), a Member of the IDA, he had contravened the by-laws through the following:
- Between January 2000 and October 2003, effected the participation in off-book transactions on behalf of TDBI and TDBJV, two investment clubs;
- Between March 2003 and October 2003, engaged in personal financial dealings with clients in that he invested either directly or indirectly, with his clients in TDBI and TDBJV, without the knowledge, consent or authorization of TD;
- Between April 2003 and April 2004 engaged in poor business practices by causing a bank draft to be issued from a client’s TD account without that client’s consent and subsequently withholding that bank draft from the client;
- On February 24, 2003, engaged in personal financial dealings with a client in that he loaned that client monies without the knowledge, consent or authorization of TD; and
- Between November 1997 and March 2004, failed to fully disclose to TD about his involvement with TDBI and his involvement as a director, President and Secretary for another company, Canadian Wealth Management Corporation (CWMC).
Deck is fined $138,212 and must pay $15,000 in costs. In addition, he is prohibited from re-approval in any registered capacity for two years and as a condition of reapproval, he must be under strict supervision for 12 months and successfully re-write and pass the examination based on the Conduct & Practices Handbook Course and the Canadian Securities Course.
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