A Manitoba mutual fund dealer has paid the British Columbia Securities Commission $55,000 for trading in mutual funds without being registered in B.C.

Summit Aurum Financial Group Inc. garnered over $30,000 in net trading commissions for trading mutual funds for at least 169 B.C. clients between Jan. 1, 2000 and June 30, 2001.

In the settlement, Summit also admitted that it failed to apply prudent business procedures to ensure that its employees were registered, and did not open new accounts and conduct transactions for B.C. clients.