Securities regulators in Nova Scotia have permanently banned a former mutual fund rep who was convicted of fraud back in 2010.
The Nova Scotia Securities Commission (NSSC) issued a permanent cease trade order against Timothy Wade MacDonald, a former fund dealer rep who pled guilty to eight counts of fraud before the Nova Scotia Provincial Court in 2010. The charges included seven counts of fraud over $5,000 and one count of fraud under.
The NSSC reports that the court found that MacDonald operated MB Capital Management Ltd., “which he used to steal significant amounts of money from his clients.” The court sentenced him to 30 months incarceration, and he was ordered to pay $200,000 in restitution.
On the basis of the court decision, the regulator found there was sufficient reason to issue an order cancelling MacDonald’s registration and ordering him to permanently cease trading in Nova Scotia, except on his own behalf. The decision notes that MacDonald did not participate in the hearing.