The Mutual Fund Dealers Association of Canada today commenced disciplinary proceedings against a former mutual funds salesman with PFSL Investments Ltd. in Ontario.

MFDA staff alleges that between December 2004 and February 2005, Scott Stevens misappropriated at total $77,500 from four clients the sum.

MFDA staff also alleges that commencing August 2005, Stevens failed to provide a report in writing as required by the MFDA in the course of an investigation,.

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA Ontario Regional Council in Toronto on Feb. 9, 2006.