The Mutual Fund Dealers Association of Canada (MFDA) has fined a fomer fund salesman with the Markham, Ont. branch of GP Wealth Management Corp. $25,000 for referring and selling investments without the approval or knowledge of his dealer firm.
According to MFDA documents, Edmund Teelucksingh recommended and sold investments, including promissory notes, debentures and stock certificates, of four different companies to clients between 2005 and 2009. In each case, the investments were not approved by Teelucksingh’s employers, GP Wealth. Furthermore, GP Wealth was not aware that Teelucksingh was referring the investments to clients.
During the course of the MFDA investigation Teelucksingh was unwilling or unable to provide full details as to the referral fees and commissions he received from these investments.
GP Wealth fired Teelucksingh in October 2010. In addition to the fine, the MFDA also ordered Teelucksingh to pay $5,000 in costs and permanently banned him from conducing securities business through the MFDA.