THUNDER BAY — The Mutual Fund Dealers Association of Canada has levied a heavy fine against a Thunder Bay man, and permanently banned him from conducting securities-related business while working for any MFDA member.
The penalties for David Len Carleton Richard follow a disciplinary hearing held on Tuesday before a three-member panel.
Richard was fined $275,000 after the panel upheld the following two allegations of misconduct:
- Between 2015 and 2018, he misappropriated or failed to account for approximately $98,500 that he received from two clients
- In about 2017, he produced a fabricated account statement which concealed that he had misappropriated or failed to invest a client's money
The MFDA said that during the above period, Richard conducted business in the Thunder Bay area.
In addition to the fine and a ban from conducting securities-related business in any capacity, the hearing panel ordered him to pay costs of $11,600.
