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andreypopov/123RF

The Mutual Fund Dealers Association of Canada (MFDA) has permanently banned former mutual fund salesperson with Investors Group Financial Services Inc. (IG) in Thunder Bay, Ont., after he misappropriated money from his ex’s TFSA, the self-regulatory organization announced last week.

According to the notice of hearing, MFDA staff alleged Nathan Eric Breukelman misappropriated almost $29,000 from a client who was his common-law spouse, and failed to co-operate with the investigation by MFDA staff into his conduct.

Specifically, Breukelman redeemed almost $29,000 from his spouse’s TFSA after the couple separated. He deposited the amount into a joint bank account, and then withdrew the monies for his personal use.

She discovered the unauthorized redemptions and complained to the firm in 2016. IG then terminated Breukelman, and fully compensated his spouse for the loss.

After hearing submissions, an MFDA hearing panel found that allegations set out in the notice of hearing had been established.

In addition to the ban, the panel fined Breukelman $125,000, and ordered him to pay $7,500 in costs.