A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has permanently banned a former mutual funds salesman with Legacy Investment Management Inc.

On Monday in Toronto, the hearing panel accepted the settlement agreement between Brian Nerdahl and MFDA staff.

As a result of the settlement, Nerdahl paid a $5,000 fine, was permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA member, and paid $3,000 in costs.

In the settlement agreement, Nerdahl admitted that he had and continued in an occupation that was not approved by Legacy by facilitating loans by 17 clients of Legacy and others of approximately $590,000 to Commonwealth Capital Corporation, a company that described itself as a “private wealth management service organization”.

Nerdahl also admitted that, with out Legacy’s approval, he facilitating participation by a client and others of approximately $24,000 in the Canadian Humanitarian Trust, a charitable program that was purportedly structured to allow taxpayers to increase their level of charitable donations and receive charitable donation tax credits.

IE