Former Approved
Person Disciplined
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Notice to Members #58/98
By way of an Offer of Settlement, Ramon Elbl ("Elbl"), at the time of the
infraction an Approved Person employed by Majendie Charlton Securities Inc. now Canadian
Western Securities Ltd. ("Canadian Western"), has agreed to the imposition of
the following penalties by the Exchange for violation of Exchange Rule F.3.02:
- payment of a fine in the amount of $5,000; and
- an assessment of investigative costs in the amount of $1,000.
Rule F.3.02 states in part, that no Member or a director or officer or
partner of a Member or an Investment Adviser shall exercise any discretionary power with
respect to a client’s account unless the client has given prior written authorization
and the account has been accepted in writing by the Member or by a partner or director or
officer.
During the period of April 29, 1996, to May 31, 1996, Elbl exercised
discretion in one of his client accounts, executing 19 trades in nine (9) securities
listed on the Exchange and/or the Alberta Stock Exchange valued at approximately $116,711.
The client had given verbal authorization, but had not given prior written authorization
for Elbl to exercise discretion over the account and Canadian Western had not accepted the
account as discretionary.
Elbl thereby violated Rule F.3.02.
No fault was attributed to the Member Firm.
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