In a settlement agreement with the British Columbia Securities Commission, a mutual fund dealer has agreed to pay $4,000 for failing to keep one of its employees properly registered to sell securities.

In May 2009, Portfolio Strategies Corporation terminated the registration of an employee in error, while attempting to cancel the registration of another employee with a similar name.

From May 25, 2009 to December 2, 2009, the employee conducted 947 trades without being registered. Portfolio Strategies discovered its mistake on December 3, 2009 and applied to the BCSC to reactivate the employee’s registration.

IE