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(November 22, 2007) The IDA has issued a permanent ban against Ivan Djordjevic for his actions while registered with the Toronto office of Desjardins Securities Inc.

Djordjevic was found to have forged the signature of a client, referred to as AG in the IDA report, on an unlimited guarantee for the account of another client, dubbed PW. Neither client even knew each other. The matter has been referred to the police.

On top of the ban, the IDA slapped Djordjevic with a fine of $50,000 and ordered him to pay $15,000 in costs. Djordjevic has not been registered with an IDA member firm since November 2005.

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GGOF launches three new PPN series

(November 22, 2007) Guardian Group of Funds has announced the launch of Series 5, 6 and 7 for the Bank of Montreal GGOF C.O.R.E. Protected Deposit Notes.

The notes feature dynamic asset allocation to provide up to 200% exposure to the underlying asset, the GGOF Dividend Growth Fund, managed by Michael Stanley of Jones Heward Investment Counsel Inc. Each series has a six-year term.

Series 5 notes form a “Total Return Class” with distributions notionally reinvested into the fund. Series 6 notes are the “Yield Class,” which pay out monthly distributions matching the underlying fund’s distribution. That payout is taxable as interest.

The Series 7 notes form the R.O.C. class, which will pay out the same distribution as the underlying fund, but as a return of capital, deferring taxation until the note matures or is sold.

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CAs offer guidance on guidance

(November 22, 2007) Canada’s Chartered Accountants are offering guidance to smaller companies on how to produce better Management’s Discussion and Analysis documents.

“In today’s environment, investors turn to the MD&A to learn the story behind the numbers,” said Dave Pollard, vice-president, knowledge development, for the Canadian Institute of Chartered Accountants. “A well-done MD&A provides the context investors need to better understand the company’s performance and prospects.”

A recent study by KPMG found that 78% of companies missed their own earning estimates, calling into question management’s ability to forecast within its own industry. (See related story: Most companies miss annual forecasts: KPMG.)

The CICA guide, entitled Building a Better MD&A — A Guide for Smaller Issuers is available by clicking here.

(11/22/07)