The New Brunswick Securities Commission announced that it has ordered Investors Group Financial Services Inc. to pay an administrative penalty of $63,220 plus $5,000 in costs for trading in New Brunswick without being registered and permitting its sales staff to trade without being registered.

The NBSC said that the order was issued January 19 after a hearing was held before a commission panel. Investors Group appeared at the hearing and consented to a settlement agreement which was presented to the commission, it reported.

The Securities Act requires the proceeds of this penalty be placed in a specific fund set aside by the commission to be used for education and other capital market initiatives.

An investigation identified that Investors Group employed 17 non-resident salespersons who were not registered in New Brunswick, but who had traded on behalf of 54 New Brunswick residents for between one and nine years, the NBSC said.