The Mutual Fund Dealers Association of Canada (MFDA) has permanently banned a Prince Edward Island mutual fund advisor and insurance agent for misappropriating money from clients.
A panel of the MFDA’s Atlantic regional council imposed sanctions against Frank Harrison Dew following a disciplinary hearing on Thursday.
After hearing submissions from MFDA staff, the panel found that two allegations of misconduct had been established. Staff had alleged that between Jan. 16, 2012 and June 24, 2015, Dew misappropriated $37,000 received from two clients to purchase investments for their TFSAs. Staff also alleged he failed to co-operate with the MFDA’s investigation into his activities.
At the time of the misconduct, Dew was registered as a mutual fund salesperson in Charlottetown with Quadrus Investment Services Ltd. He also sold insurance products through Morton Dew Ltd.
In addition to imposing a permanent prohibition on conducting securities-related business while in the employ of or associated with any MFDA member, the hearing panel fined Dew $124,000, and ordered him to pay $5,000 in costs.