Briefly:

Previous Brieflies this week: | MON | TUE | WED | THU |

(July 20, 2007) Robert Franklin Leer, a British Columbia–based advisor who traded securities on behalf of a client through channels not authorized by his firm, has agreed to pay $10,000 to the MFDA.

Leer had admitted to selling company shares that belonged to an elderly client in 2003 for more than $20,000. The problem was that Leer was not authorized by his dealer to do so and had been expressly told this by his branch manager.

The MFDA reasoned that Leer conducted unauthorized trading and put his own personal interest ahead of those of both his client and the firm he was working for. Leer has been fined $8,000 and must pay costs in the amount of $2,000.

• • •

CAREX gets its gas-man

(July 20, 2007) The Montreal Exchange and NYMEX Holdings announced Friday that they have appointed Robert Laird as vice-president of the natural gas business line of the Canadian Resources Exchange (CAREX).

Prior to joining CAREX, Laird served as a senior energy broker at Prebon Energy Canada, where he was responsible for building market-making natural gas trading accounts, working with hedge funds, energy producers, marketers, and utilities.

• • •

Jovian director steps down

(July 20, 2007) Jovian Capital announced Thursday that Bradley Rice has stepped down as a director of the firm.

The board and management of the entire Jovian group of companies thanked Rice for his years of service and noted that he will continue to be involved with the company as an independent distributor with Jovian subsidiary Rice Financial Group Inc.

• • •

Citizens Bank raises savings rate on Cash Multiplier Account

(July 20, 2007) One surefire way to multiply cash is to raise interest rates. Citizens Bank has decided to follow in the footsteps of its competitors, increasing the interest earned on its recently launched Cash Multiplier Account to 4.00% or 4.25% for F-series accounts.

The high-interest savings account allows individuals to deposit cash while providing them with a competitive annual interest rate and the ability to hold the deposits in their investment portfolios.

The Citizens Inhance Cash Multiplier Account is available for purchase through eligible investment advisors across the country, with a minimum initial deposit of $5,000.

(07/20/07)