A former mutual fund rep has been permanently banned and fined after a hearing panel found he misappropriated funds and failed to co-operate with an investigation, the Mutual Fund Dealers Association of Canada announced on Thursday.
An MFDA panel ordered that Adam Kryn Vandermey, a former rep with Sun Life Financial Investment Services (Canada) Inc. in Kitchener-Waterloo, Ont., be fined $200,000, ordered to pay $10,000 in costs, and permanently banned.
Following a hearing, the panel ruled that Vandermey misappropriated approximately $48,018 from two clients and a bank account used to finance a charitable golf tournament
Vandermey also failed to co-operate with the MFDA’s investigation of the allegations against him, the panel ruled.
The panel did not issue its reasons in the case; they will be published at a later date.
According to the notice of hearing, Sun Life reimbursed one client who lost money, and helped the other recover the funds taken by Vandermey.
The losses from the charitable account were covered by another rep at the firm who helped run the tournament.
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