Infraction Found
Against Approved Person
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Notice to Members #81/98
Following an Exchange Hearing, an Exchange Hearing Panel ("the
Panel") found Ralph Walter Ulm ("Ulm") had breached Rule F.2.22 on one
occasion but had not breached it, as alleged, on another occasion. At the time of the
infraction, Ulm was employed by the Member Firm Whalen Beliveau and Associates.
Rule F.2.22 states in part that a Registered Representative shall not
handle a discretionary order unless the account has been accepted by the Member Firm as a
discretionary account.
The Panel concluded that Ulm had carried out a discretionary trade in
breach of Rule F.2.22.
The Panel will deal with the matter of penalties at a date to be
determined.
Copies of the Exchange decision may be obtained from the
Exchange’s Corporate Secretary.
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