News Release

Vancouver – The British Columbia Securities Commission has granted a Vancouver Island broker her appeal of findings and sanctions levied against her by the industry’s self-regulatory body.

In an oral ruling yesterday, a commission panel overturned an April 22, 2003 decision made by the Investment Dealers Association against Carolann Steinhoff, of Victoria, in which the IDA had determined that Steinhoff conducted an unauthorized transaction in a client account and represented clients in Ontario without proper registration. The commission’s ruling means that Steinhoff, who was a broker at ScotiaMcLeod Inc. during the time of the events, is cleared of the IDA findings.

In setting aside the IDA decision, the commission panel ruled that Steinhoff would not have to pay the $5,250 penalty that had been levied against her by the IDA.

The commission also dismissed the IDA’s application to increase Steinhoff’s penalty.

Steinhoff is currently a registered representative with Wellington West Capital Inc. in Victoria.

The commission panel will allow submissions on costs for the hearing after the panel has issued reasons for the decision.

The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. Commission decisions can be accessed through the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.