A former fund rep has been fined and permanently banned after a regulatory hearing panel found that she violated several Mutual Fund Dealers Association of Canada (MFDA) rules.

The hearing panel ordered that Meng Xi Li, a former rep with CIBC Securities Inc. in Vancouver, be permanently banned, fined $100,000 and ordered to pay costs of $7,500.

The penalties were ordered after the panel upheld five allegations against Li. They include allowing a client to open an account under another identity, engaging in improper personal financial dealings with a client, and misleading investigators, among other violations.

The panel has not yet issued its reasons for upholding the MFDA’s allegations or imposing its sanctions.

Li was terminated by CIBC Securities in 2017 after the misconduct was uncovered, and she is no longer in the industry.