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Fox Guarding the Hen House

Regina, Saskatchewan Wednesday, June 30, 2004
Ex-CIBC broker banned for life

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 IDA.

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.

"CIBC must assume responsibility for the fraud.
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