The Mutual Fund Dealers Association has fined a former Assante Financial Management Ltd. fund salesperson $10,000 for selling a client shares in a project that he owned, without informing his firm.

At a settlement hearing in Calgary, an MFDA hearing panel revealed penalties against Bradley Monroe Gabrielson, who was registered with Assante in Alberta and British Columbia from 2001 to 2007.

The MFDA found that between December 2002 and September 2007, Gabrielson had another gainful occupation as the owner, officer and director of a hotel project, which was not disclosed to or approved by his firm.

In October 2004, he sold shares in this project worth $27,000 to one of his clients, outside of Assante’s facilities.

Gabrielson also failed to provide the MFDA with requested information on the hotel project during the investigation.

Gabrielson has been permanently prohibited from conducting securities related business in any capacity while employed by or in association with any MFDA member. He’s also ordered to pay a fine of $10,000.

Gabrielson resigned from Assante in October 2007.

IE