MONTREAL (CP) -- A former broker with CIBC World Markets has been barred
for life from the securities industry for infractions including using
the accounts of certain investors to guarantee the trading losses of
others they didn't know.
Harry Migirdic has also been assessed $305,000 in fines and $55,000 in
investigation costs by the Quebec district council of the Investment
Dealers Association of Canada, although it lacks the power to collect
money from people no longer in the industry.
Migirdic's lifetime ban, fines and costs are among the stiffest
penalties ever assessed by the IDA in Quebec. He is the second former
CIBC World Markets broker this week to receive a lifetime ban from the
Alex Gurion, who used to work for the brokerage's North York branch,
also got a lifetime suspension for cheating a 90-year-old customer out
of $350,000 in 2001. CIBC made full restitution to the customer in 2002.
It also has settled with some of the more than 20 clients who complained
about Migirdic but not all.