A B.C. Securities Commission panel upheld a previous decision by the Mutual Fund Dealers Association of Canada (MFDA) regarding Marlene Legare, the securities regulator announced on Tuesday.
During a hearing in October 2010, Marlene Legare, a B.C. resident and former mutual fund salesperson was found to have breached conflict of interest rules by borrowing almost $50,000 from a client by an MFDA hearing panel. As well, Legare refused to cooperate with the MFDA’s investigation.
In 2011, the MFDA fined Legare $50,000, ordered her to pay $10,000 in costs and permanently banned her from selling mutual funds.
MFDA fines salesperson $50,000 for loan failings
“As documented in the transcripts, the hearing panel issued carefully considered rulings after reviewing Legare’s applications,” said the BCSC panel in its decision. “Its written findings and penalty decision were similarly measured and comprehensive. In our opinion, the MFDA’s findings were reasonable.”