A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has suspended an Ontario mutual fund salesperson for misappropriating client funds.

Paul Anthony Henry was registered as a mutual fund salesperson with Dundee Private Investors Inc. from June 2, 2004 to February 1, 2008.

At a disciplinary hearing held Monday in Toronto, Henry admitted that between June 2006 and July 2007, he accepted monies which he failed to invest, return or otherwise account for, thereby misappropriating those monies and failing to deal fairly, honestly and in good faith.

Henry also admitted that he engaged in business conduct that was untrue, misleading and detrimental and that he failed to properly report a client complaint.

The hearing panel suspended Henry from acting as a mutual fund salesperson for a period of 2 years effective March 29, 2010, and ordered with to successfully complete the IFSE (IFIC) Mutual Fund Dealer Compliance course.

In addition, Henry was fined $10,000, and ordered to pay $2,500 in costs.

Henry is not currently registered in the securities industry in any capacity, the MFDA noted.

IE