TORONTO — The Mutual Fund Dealers Association of Canada (MFDA) has permanently banned former Thunder Bay investment advisor Eileen Desgroseilliers from conducting securities-related business.
The MFDA, the self-regulatory organization for Canadian mutual fund dealers, also imposed a fine of $75,000 and awarded costs of $10,000 against Desgroseilliers.
The sanctions follow a disciplinary hearing into allegations that in 2015 she misappropriated at least $31,700 from two clients, and held a joint account with the clients, thereby giving rise to a conflict of interest.
The MFDA described the clients as "vulnerable," saying one of them was 86 years old and suffered from dementia, while the other was 83 and terminally ill.
