Branch manager not registered as a salesperson

Investors Group Financial Services Inc. has been fined $9,250 for failing to keep one of its employees registered to sell mutual fund securities, the British Columbia Securities Commission announced on Monday.

In November 2005, Investors Group registered Randall Dashwood as a branch manager, but failed to continue his registration as a salesperson. Between November 2005 and March 2009, Dashwood concluded nearly 8,000 transactions in mutual fund securities without being registered.

In a settlement agreement published on Monday, the BCSC said Investors Group had agreed to pay a penalty of $9,250. The fine includes $750 in registration fees that would have been paid to the commission if Dashwood had been registered.

The BCSC has approved Dashwood’s application for registration as a salesperson.

IE