TSE fines Ottawa broker
OTTAWA - An Ottawa stockbroker with Midland Walwyn Capital Inc. has agreed to pay $35,000 to settle Toronto Stock Exchange charges that he gave three clients bad advice and charged them excessive trading commissions.
Stephen Vaughan Harrison, a Midland vice-president, will pay a $20,000 fine, refund $10,000 in trading commissions and pay $5,000 to defray the cost of the TSE investigation into his conduct.
"I didn't admit anything. It was just a settlement," Harrison said Thursday when asked to comment on the TSE investigation.
The exchange said that between Sept. 1, 1991, and March 31, 1993, Harrison recommended a short-term trading strategy for a client that was "inappropriate and not in keeping with the client's documented investment objectives."
The client suffered trading losses of $11,932 as a result of the stock trading. No details of the stock trading or the client's identity were disclosed.
Harrison said that while he agreed to a statement of facts as part of his settlement, many facts in his favor were excluded from a document about his case, which the TSE recently distributed to brokerage firms. |
