Briefly:

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

(July 14, 2006) The MFDA has issued a permanent ban against former PFSL Investments representative Scott Andrew Stevens and fined him $61,000. Stevens must also pay costs totaling $2,000, although the association does not have the legal power to collect penalties from those no longer in the industry.

The penalties come after the MFDA verified claims that he had misappropriated roughly $77,500 from several clients between December 2004 and February 2005.

The regulator also found he had failed to provide a report in writing as required by the MFDA in the course of an investigation, contrary to the association’s bylaws. But in an earlier document, the MFDA conceded that Stevens and his lawyer did not ignore the request, but were “proceeding with caution” because criminal charges were also involved.

In March 2005, PFSL fired Stevens and launched an internal investigation into his conduct. The clients involved were compensated for their losses by the firm.

• • •

President’s Choice launches high-interest account

(July 14, 2006) President’s Choice Financial is rolling out Interest Plus, a high-interest savings account, which will offer an initial rate of 4% per annum on accounts over $1,000.

“A high interest savings account is a good foundation for any savings plan,” said Geoffrey Wilson, senior vice president, financial services and investor relations. “Interest Plus gives customers an exceptional rate and an easy, secure way to save their money long-term with the flexibility of not having to lock in.”

The “Plus” in the account’s name refers to interest bonuses to be paid on the anniversary of the account being opened, if they maintain a balance of $1,000. The account is available at President’s Choice Financial pavilions, online and by phone.

• • •

RS to study failed trades

(July 14, 2006) Market Regulation Services has announced it will conduct a study into failed trades on the Canadian marketplace, to ascertain their prevalence, including the role of short sales in the occurrence of failed trades.

The move was prompted by the adoption in the U.S. of new regulation covering the short-selling of securities.

RS proposes to select up to 25 participants for the study, which will be contacted by RS staff on July 31, 2006. Over the course of the study each participant will be expected to sample 5% of the failed trades for a more detailed analysis related to the reasons for the failure to settle and the steps and time taken to ultimately settle the position.

• • •