MFDA rep fined $124,000 and permanently banned

An MFDA disciplinary panel has fined and permanently banned previously registered rep Frank Harrison Dew for misappropriating money from two clients and failing to co-operate with an investigation into his activities.

Dew was dually registered as a dealing representative with Quadrus Investment Services Ltd. in P.E.I. and as an insurance agent with London Life.

The panel found that, between Jan. 16, 2012, and June 24, 2015, Dew misappropriated $37,000 from two clients. He therefore failed to deal fairly, honestly and in good faith with clients and engaged in conduct unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1, the panel said.

Beginning on Sept. 24, 2015, Dew also failed to co-operate with the investigation into his activities by the MFDA’s staff, the panel said.

The hearing panel imposed the following sanctions and said that it will issue written reasons in due course:

• a permanent prohibition to conduct securities-related business in any capacity while in the employ of, or associated with, any MFDA member;
• a fine of $124,000; and
• costs of $5,000.

Read the notice of hearing here.

Staff

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