A former mutual fund rep has been banned and fined after admitting to misappropriating several thousand dollars from clients.
A hearing panel of the Mutual Fund Dealers Association of Canada (MFDA) has permanently banned Anthony Ladislao Ayala, a former rep with TD Investment Services Inc.’s London, Ont. branch, who admitted to violating the self-regulatory organization’s rules. The panel also fined Ayala $75,000 and imposed $10,000 in costs.
The sanctions were imposed following a hearing in which Ayala admitted to misappropriating approximately $13,395 from two clients in 2014; and falsifying client signatures in order to process a series of unauthorized transactions involving those clients.
According to the MFDA’s notice of hearing in the case, TD terminated Ayala after discovering his misconduct, and reimbursed the clients.
The panel has indicated that it will issue written reasons for its decision.
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