A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association has ordered a former mutual fund salesman with Investors Group Financial Services Inc. to pay $45,000 in fines and costs for violating the association’s rules.

Vilfort was registered in Ontario as a mutual fund salesperson with Investors Group from Sept. 18, 2007 to July 14, 2008. On July 14, 2008, he resigned from the firm. Investors Group later deemed him as having been terminated.

At the conclusion of a hearing held Friday in Toronto, the panel imposed the following penalties on James Vilfort:
> a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA member firm;
> a fine of $25,000 with respect to misappropriation of funds;
> a fine of $10,000 with respect to failure to return to his firm client information and files in his possession; and
> costs in the amount of $10,000.

Vilfort is not currently registered in the securities industry in any capacity.

IE