A hearing panel of the Pacific Regional Council of the Mutual Fund Dealers Association has suspended and fined a fund salesman for personal financial dealings with a client.

At a hearing in Vancouver on Thursday, the panel accepted a settlement agreement between Zenon Smiechowski and MFDA staff.

In the settlement agreement, Smiechowski admitted that:

> between July 23, 2004 and Oct. 27, 2006, he engaged in personal financial dealings by borrowing $25,000 from client FP;

> between July 23, 2004 and at least Oct. 27, 2006, he failed to disclose to Sun Life Financial Investment Services (Canada) Inc./Clarica Investco Inc. that he had engaged in personal financial dealings with client FP;

> between Oct. 13, 2007 and Jan. 29, 2008, he failed to disclose to Hub Capital Inc. that he was the defendant in a civil claim that had been commenced against him by client FP in the British Columbia Supreme Court regarding activities that occurred while he was an approved person at Sun Life; and

> between June 2005 and June 2009, he failed to repay $25,000 in principal plus interest owing to former client FP under the terms of a promissory note.

As a consequence of the settlement, Smiechowski was suspended from acting as a mutual fund salesperson for six months, and paid a $10,000 fine and costs of $5,000.

IE