The Mutual Fund Dealers Association of Canada today announced that it has commenced disciplinary proceedings against a former mutual funds salesperson with Investors Group Financial Services Ltd.

MFDA staff alleges that Barry Coleman of New Brunswick, engaged conduct contrary to the by-laws, rules or policies of the MFDA:

Between August 2004 and January 2005, MFDA staff alleges that Coleman misappropriated from two clients the sum of $28,250.

MFDA staff also alleges that between August 2004 and January 2005, Coleman performed a series of unauthorized redemptions from a client, totalling $31,400.

The first appearance in this matter will take place by teleconference before a hearing panel of the MFDA Atlantic Regional Council in Moncton, N.B. on February 8.