By The Book: IDA fines Winnipeg broker

(April 3, 2008) The Investment Dealers Association of Canada has levied a fine of $20,000 against Steven James Westman, for misconduct while an approved person with the Winnipeg branch of Merrill Lynch Canada.

Between May 1999 and March 2001, Westman made unsuitable recommendations to two clients. He also admitted that in February and March of 2001, he failed to remain adequately informed “as to the nature or details” of two income trusts he had recommended.

On top of the fine, Westman must pay $18,000 in costs and rewrite the Conduct and Practices Handbook exam within a year of being re-approved. He will also be under strict supervision for one year upon re-approval.

(04/03/08)

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