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Van Sun says IIROC settles with TD Bank ex Scoten

2012-10-15 09:36 ET - In the News

Also In the News (C-TD) Toronto-Dominion Bank

The Vancouver Sun reports in its Saturday edition former Surrey stockbroker Samuel Scoten has been suspended for three years and fined $50,000 after admitting he sold shares of a private resort and casino project in Vietnam without his employer's knowledge or consent. The Sun's David Baines writes that in a settlement agreement with the Investment Industry Regulatory Organization of Canada, Mr. Scoten also admitted he told IIROC investigators that he had not been compensated for selling shares of Asian Coast Development (Canada) Ltd., when in fact he had received more than 29,000 shares for his services. The breaches occurred between 2007 and 2009 when Mr. Scoten was working at the Surrey branch of TD Waterhouse Canada Inc. He left the firm in April, 2010, and has not been registered as a broker since then. Asian Coast is building a $4.2-billion hotel and casino project along a strip of beach on the South China Sea, about a 90-minute drive from Ho Chi Minh City. The company has several blue-chip partners and financiers, including MGM Grand, Pinnacle Entertainment and Harbinger Capital. TD officials found e-mails in August, 2009, indicating Mr. Scoten was selling shares of Asian Coast to his clients.

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