The Toronto-based Mutual Fund Dealers Association of Canada (MFDA) has fined Diedre Ann Ferguson, a former associate investment representative in Toronto, $100,000 and permanently banned her from conducting any securities related business for her failure to co-operate with an investigation into her possible misuse of client information.
According to MFDA documents, Ferguson, who at the time was employed by Monarch Wealth Corp., was pulled over by Toronto Police Services in August 2010. Inside the vehicle was the first page of 51 New Client Account Information forms of Monarch clients, three Monarch computer screen shots, a void cheque for a client and a retail store credit card registered to a Monarch client.
As a result, Toronto police arrested Ferguson and two other individuals who were also in the car. Ferguson was charged with conspiracy to commit an indictable offence, identity theft, possession of a credit card obtained by crime and possession of property obtained by crime.
Monarch suspended Ferguson in September 2010 and then fired her in March 2011. According to the MFDA notice of hearing document, all charges against Ferguson were either dropped or dismissed by October 2011.
Between October 2010 and December 2010, the MFDA made numerous requests via regular and registered mail for a written statement from Ferguson. MFDA Investigations took over the matter in January 2011 after Ferguson failed to respond. The investigations team then made further requests to Ferguson between January 2011 and September 2012, for an interview. The requests were sent via registered and regular mail as well as by personally serving Ferguson. Once more, Ferguson failed to respond to all of the MFDA’s requests.
In addition to the fine and permanent ban, the MFDA hearing panel also ordered Ferguson to pay $7,500 in costs.