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Union Securities Ltd.

The British Columbia Securities Commission and the Investment Dealers Association of Canada filed charges against the Vancouver based brokerage firm for allegedly failing to properly supervise employees in a number of situations involving improper trading activities. Between 1999 and 2001 four brokers at the firm held accounts for 40 clients who were not Canadian residents. This breaches securities rules that prohibit non-residents from directing trades at a Canadian brokerage. Chief executive officer John Thompson agreed to pay $250,000, while executive vice-president Rex Thompson agreed to pay $200,000 and president Norman Thompson will pay $175,000. Union Securities will pay a $1 million fine. (Apr-19-06) [GLOBE AND MAIL]


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Published on Apr-20-06


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