Commission Settles with Olympian

The Nova Scotia Securities Commission has settled a case with Olympian Financial Inc., who admitted to executing trades on behalf of a Nova Scotia resident without being registered in the province.

In 2008, a new sales representative at Olympian Financial Inc. performed 23 trades in the account of a Nova Scotia resident. The representative was not registered with the Nova Scotia Securities Commission.

By executing trades without being registered and by failing to ensure that their representative was properly registered before effecting these trades, Olympian Financial Inc. failed to conform with prudent business practices and violated section 31(1) of the Nova Scotia Securities Act and section 31(1) of the Securities Regulations.

Under the order and settlement agreement, Olympian Financial Inc. will be reprimanded. They will pay an administrative penalty of $10,000 to the commission, as well as $1,200 in costs connected with the investigation and conduct of the proceedings.

The Nova Scotia Securities Commission is the provincial government agency responsible for regulating trading in securities in the province.

To view the order and settlement agreement, visit the website www.gov.ns.ca/nssc/compliancenforce/enforproceedings.asp .