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ARTICLE · 27 MARCH 2008

Brokers´ Report - Recent IDA Cases

Borden Ladner Gervais LLP
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On November 13, 2007, the IDA Ontario District Council released its decision with regard to Andy Hyon Chul Kim who, in contravention of the IDA Bylaws, engaged in business conduct or practice unbecoming by investing in a private placement without disclosing his occupation.

CanadaStrategy
Carole Brown
Carole Brown
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IDA - The By-Laws Of The Investment Dealers Association Of Canada And Andy Hyon Chul Kim

On November 13, 2007, the IDA Ontario District Council released its decision with regard to Andy Hyon Chul Kim who, in contravention of the IDA Bylaws, engaged in business conduct or practice unbecoming by investing in a private placement without disclosing his occupation, misrepresenting his residency, failing to advise his employer, the Member Dealer, of his private placements, and failing to disclose to his employer his outside business activities as a Board Member of a publically-traded company.

At the relevant times, Mr. Kim was employed with CIBC World Markets in Mississauga and lived in Oakville. However, in order to subscribe to a private placement that was only available to residents of Alberta and British Columbia, he stated his residence to be Vernon, B.C on the application for the private placement.

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