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Gold/Mining/Energy : Let's tag and post insider trading
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To: marcos who wrote (30)3/27/1998 10:05:00 AM
From: Buckey   of 43
 
Vancouver Stock Exchange
Mar 27 1998
Mr R. Glenn Knowles reports Following an exchange hearing, an exchange hearing panel having received an agreed statement of facts between the exchange and the respondent Roger John Gary and a joint submission on penalty, imposed the following penalties on Gary for breaches of by-law 5.01(b) and rule F.2.22.2(a) as follows: 1.A fine of $25,000. 2.A payment of costs in the amount of $5,000. 3.A withdrawal of exchange approval for six months from the date of the decision. 4.A requirement to rewrite and pass the examination based on the Conduct and Practices Handbook as a condition of any approval. By-law 5.01(b) states in part that an infraction is any conduct which is inconsistent with just and equitable principles of trade or detrimental to the interests of the exchange or the public. Rule F.2.22.2(a) states that registered representatives shall not, subject to rule F.3.04 exercise any discretion in the handling of an account of a client. Mr Gary admitted that without the knowledge of his employer, he picked up cheques on behalf of a client, endorsed them with the client's name without the written authorization of the client and deposited them to an account maintained by himself and his wife, and thereby violated by-law 5.01(b). Mr Gary further admitted that he purchased and sold shares in the account of a client contrary to rule F.2.22.2(a). At the time of the infraction, Mr Gary was employed by the member firm Pacific International Securities whose conduct remains under review by the exchange. Copies of the decision may be obtained from the exchange's corporate secretary. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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