A hearing panel of the Ontario Regional Council of the Mutual Fund Dealers Association of Canada has issued its decision and reasons in connection with the disciplinary hearing regarding a former mutual funds salesman with PFSL Investments Ltd. in Ontario.

The hearing in respect of Scott Andrew Stevens was held in Toronto, on April 28.

MFDA staff alleged that between December 2004 and February 2005, Stevens misappropriated at total of $77,500 from four clients.

MFDA staff also alleged that commencing August 2005, Stevens failed to provide a report in writing as required by the MFDA in the course of an investigation.

Stevens is permanently prohibited from conducting securities related business while in the employ of, or sponsored by, any MFDA firm.

He was also ordered to pay a $61,000 fine, and costs in the amount of $2,000.