THUNDER BAY -- The Mutual Fund Dealers Association has started disciplinary proceedings in respect to former Thunder Bay investment advisor Eileen Marie Desgroseilliers.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers.
It alleges that between January and April of 2015, Desgroseilliers "misappropriated at least $31,702 from clients KP and FP, thereby failing to deal honestly and in good faith with the clients, and engaging in conduct unbecoming."
It further alleges that in that same period, she "held an account jointly with clients FP and KP, thereby giving rise to an actual or potential conflict of interest...which the respondent failed to address by the exercise of responsible business judgment influenced only by the best interests" of the clients.
In a Notice of Hearing, the MFDA described the two clients as "vulnerable," saying one was 86 years old and suffered from dementia, while the other was 83 years old and terminally ill.
According to the MFDA, Desgroseilliers was registered in Ontario at the time as a mutual fund dealing representative with Investors Group Financial Services, but is not currently registered in the securities industry in any capacity.
The first appearance in the proceeding will take place before a hearing panel on Nov. 14.
