Advisor who acted without registration banned for 10 years

A former advisor has agreed to a 10-year ban after admitting that she continued serving clients after her registration was suspended.

The Alberta Securities Commission (ASC) announced that it has reached a settlement agreement with Sherry Jean Dalla-Longa of Medicine Hat, Alta., who admitted to acting as an advisor without registration.

In settling the case, Dalla-Longa agreed to a 10-year ban and to pay $25,000, including a $15,000 penalty and $10,000 in costs.

According to the settlement, Dalla-Longa, who worked in the industry for 30 years, admitted to providing investment advice and trading for at least 10 clients after her registration was suspended at the end of 2016.

“Despite her lack of registration and pending retirement plans, Dalla-Longa carried on with her activities in much the same way as she had,” the settlement said.

The settlement noted that she continued to hold herself out as a financial advisor, and didn’t tell her clients that her registration had been terminated.

Staff

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