The Mutual Fund Dealers Association has permanently banned a British Columbia mutual fund salesman for several violations of MFDA rules.

Piotr (Peter) Lipski was a mutual fund salesman with Aegon Dealer Services of Canada Inc. from May 26, 2005 until April 2, 2008, when he was terminated.

At a disciplinary hearing held Tuesday in Vancouver, Lipski admitted that:

> between July 2005 and December 2007, he prepared and submitted new account application forms and loan applications for clients that he knew contained false and misleading information;

> between July 2005 and December 2007, he recommended to clients that they borrow monies to invest and assisted the clients to obtain investment loans without learning the essential facts relative to each client, and without ensuring that the leveraging recommendations were suitable for the clients and in keeping with the clients’ investment objectives;

> between May 2005 and April 2008, he had and continued in another gainful occupation that was not properly disclosed to or approved by Aegon; and

> between March 2008 and April 2008, he provided false and misleading information to Aegon and the MFDA during the course of their respective investigations.

The penalties handed out by an MFDA hearing panel include: a permanent prohibition on the authority of Lipski to conduct securities related business in any capacity over which the MFDA has jurisdiction; a $25,000 fine; and $5,000 in costs.

Lipski is not currently registered in the securities industry in any capacity.

IE