agreement, attorney, auction, authority, balance, barrister, beam, scale, book, bookcase, books, brass, brown, business, colourconcept, contract, counsel, court, courthouse, courtroom, crime, criminal, decision, defendant, divorce, enforcement, financefreedom, gavel, government, guilt, guilty, hammer, horizontal, innocence, judge, judgement, judgment, judicial, justice, lawlawyer, legal, legislation, liberty, libra, litigation, mallet, prosecution, punishment, rights, scale, scales, scales, of, justice, sentencesymbol, symbolic, system, tax, trial, tribunal, truth, verdict, weight, will, wood, wooden
andreypopov/123RF

An Ontario Securities Commission (OSC) hearing panel has banned a former mutual fund rep for engaging in unregistered trading and unregistered advising in securities., the commission announced Wednesday.

The OSC ordered that Muchoki Fungai Simba (previously known as Henderson MacDonald Alexander Butcher) be fined $100,000 and banned from trading for 10 years and from registration for 15 years.

According to the OSC’s reasons and decision, Simba placed over 440 buy/sell orders for equities and options in a retired investor’s locked-in retirement account (LIRA) in 2014 and 2015, incurring a loss of $56,009.

The Mutual Fund Dealers Association (MFDA) permanently banned Simba in 2012 after it found he borrowed money from a client and failed to repay it, didn’t return client files to his dealer and failed to produce information requested by MFDA staff.

“Simba’s participation in cashing out a retiree from a guaranteed pension and then effecting trades, resulting in substantial losses, without the required registration and during the continuation of the MFDA ban is egregious conduct requiring significant sanctions to deter him from future misconduct,” the OSC panel wrote in its decision.