In June 2005, David Berry, a very successful Canadian Scotiabank trader who had built a $75M/year business in trading preferred shares, was fired on the grounds that he had committed securities regulatory violations. At the time, as part of a 20 per cent direct drive deal, he was making more than double the CEO's salary and Scotiabank management had already taken steps to limit his compensation. The regulatory violation allegations from his former employer, left him unemployable to Scotiabank's competitors despite the appeal of potentially adding more than $75M/year to their equity trading profits.