IDA Hearing Panel imposes permanent ban and fines Ivan Djordjevic $50,000

Following a disciplinary hearing on July 17, 2007, Mr. Djordjevic wasfound to have forged the signature of client AG on an unlimited guarantee forthe purposes of having AG guarantee the account of client PW, contrary toBy-law 29.1. AG and PW were both clients of Mr. Djordjevic and did not know ofeach other until November 2005, at which time Mr. Djordjevic told AG that hehad linked his account with PW. The Panel accepted the evidence of the IDA'sexpert witness, who testified that the signature on the guarantee was forged.

In the result, the Panel found that there was clear and convincing proof,based on cogent evidence, that the signature of AG on the guarantee was forgedand Mr. Djordjevic was the person who had forged the signature. This matterhas been referred to the police.

For his misconduct, Mr. Djordjevic has been permanently banned fromapproval with an IDA Member firm. In addition he has been fined $50,000 andmust pay $15,000 in costs.

The Panel commented that Mr. Djordjevic's conduct was deliberate anddeceptive and violated the bond of trust between registered representative andclient. The Panel concluded that a lifetime ban was appropriate and necessaryin view of the egregious nature of his conduct and to prevent a reoccurrenceof this type of activity.

Mr. Djordjevic has not been registered with an IDA Member firm sinceNovember 2005.

The Investment Dealers Association of Canada (IDA) is the nationalself-regulatory organization of the securities industry. The IDA's mission isto protect investors, foster market integrity and enhance the efficiency andcompetitiveness of the Canadian capital markets. The IDA enforces rules andregulations regarding the sales, business and financial practices of itsMember firms and their approved persons. Investigating complaints anddisciplining Members and approved persons is part of the IDA's regulatoryrole.

For further information

Alex Popovic, Vice President, Enforcement,(416) 943-6904 or apopovic@ida.ca
Jeff Kehoe, Director, EnforcementLitigation, (416) 943-6996 or