THUNDER BAY—A former mutual fund salesperson in Thunder Bay has received a heavy fine for misappropriating nearly $29,000 from a client.
The Mutual Fund Dealers Association of Canada fined Nathan Breukelman $125,000 and permanently prohibited him from conducting securities-related business over which the MFDA has jurisdiction.
The MFDA is the self-regulatory organization for the distribution side of the Canadian mutual fund industry.
In an announcement issued Friday, it said a disciplinary hearing panel had upheld an allegation related to Breukelman's actions between November 2014 and April 2015.
The panel also upheld an allegation that, commencing August 2016, Breukelman failed to cooperate with an investigation by MFDA staff.
In addition to the fine, he was ordered to pay costs of $7,500.
