Vancouver Stock
Exchange: Approved Person Disciplined
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Notice to Members #93/98
By way of an Offer of Settlement, George Stubos ("Stubos"), at the time of the
infraction an Approved Person employed by Canaccord Capital Corp. ("Canaccord"),
has agreed to the imposition of the following penalties by the Exchange for violation of
Exchange Rule F.2.22(2):
1. a fine in the amount of $15,000; 2. withdrawal of Exchange approval for a period of
1 year; 3. disgorgement of net commissions in the amount of $1,800; 4. an assessment of
investigative costs in the amount of $1,000, and 5. should the Respondent return to the
industry, a requirement to be on strict supervision for a period of 1 year and to re-write
and pass the examination based on the Conduct and Practices Handbook for Security and
Industry Professionals.
Rule F.2.22(2) states in part, that an Investment Adviser shall not, subject to Rule
F.3.04, handle a discretionary order or exercise any discretion in the handling of an
account of a client of a Member.
During the period of September 1994, to August 1995, Stubos exercised discretion in a
client account, executing 70 trades in four Exchange listed securities valued at
approximately $291,582. The client had not given written authorization for Stubos to
exercise discretion over the account and Canaccord had not accepted the account as
discretionary. Stubos thereby violated Exchange Rule F. 2.22(2)(a).
No fault was attributed to the Member Firm, who reported Stubos' conduct to the
Exchange and terminated his employment.
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