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A hearing panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada has issued decisions and reasons following a penalty hearing held on August 18, 2014, in respect of Bruce Ian Mawer.

In its Decision and Reasons (Penalty) document, dated September 22, 2014, the hearing panel’s imposed the following sanctions:

  • a permanent prohibition on the authority of the respondent to conduct securities related business while in the employ of or associated with any MFDA Member;
  • a $50,000 fine; and
  • $7,500 in costs.

In an earlier decision dated April 3, 2014, the hearing panel found that the respondent committed the following violations:

a) Between 2006 and 2007, Mawer engaged in personal financial dealings with four clients of the Member by soliciting and accepting monies from them in the total amount of $103,000, which monies he pooled with monies obtained from four insurance-only clients, his partner SS and his own monies, for the purposes of purchasing investment properties, contrary to MFDA Rules 2.1.4 and 2.1.1.

b) between 2006 and 2007, Mawer had and continued in another gainful occupation that was not disclosed to and approved by the Member. He solicited and accepted monies, in the total amount of $240,000, from four clients of the Member and four insurance-only clients, which monies he pooled together with monies obtained from his partner SS and his own monies, for the purposes of purchasing investment properties, contrary to MFDA Rules 1.2.1(d) and 2.1.1.

Read the Decision and Reasons (Penalty) document.

Originally published on Advisor.ca

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