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Thunder Bay financial advisor faces disciplinary hearing

Regulatory organization alleges misappropriation of nearly $29,000
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MFDA
www.mfda.com

THUNDER BAY --The Mutual Fund Dealers Association of Canada has begun disciplinary proceedings against a former mutual fund salesperson who conducted business in Thunder Bay.

The MFDA alleges that between November 2014 and April 2015 Nathan Eric Breukelman misappropriated $28,889 from a client who was also his former common-law spouse.  The pair had separated in November 2014.

According to a news release from the MFDA, Breukelman subsequently processed 21 redemptions in his ex-partner's Tax-Free Savings Account, deposited the proceeds into their joint bank account, and withdrew the money for his personal use.

When the client discovered the unauthorized redemptions she complained to Investors Group, where he worked. His employment was terminated, and Investors fully compensated the client for her losses.

The MFDA allegations against Breukelman include "failing to deal fairly, honestly and in good faith with the client, failing to observe high standards of ethics and conduct in the transaction of business, and/or engaging in business conduct or practice unbecoming or detrimental to the public interest."

It also alleges that commencing in August, 2016, he failed to cooperate with an investigation into his conduct by MFDA staff.

The first stage of the disciplinary proceeding before a hearing panel is scheduled for Dec. 12.

The MFDA says Breukelman is not currently registered in the securities industry in any capacity.