An advisor was ordered to pay a total of $157,500 in fines and costs by a hearing panel of the Mutual Fund Dealers Association of Canada, the self-regulatory organization announced today.

Stephen Headley was fined $100,000 for allegedly misappropriating $155,000 from two of his clients between 2003 and 2004. He was fined an additional $50,000 for failing to produce documents for the MFDA relating to complaints against him, and ordered to pay $7,500 in costs.

Headley was prohibited from conducting securities-related business.