The Nova Scotia Securities Commission (NSSC) has permanently banned, and levied a $350,000 penalty against a former mutual fund rep who admitted to a variety of misconduct.
The NSSC on Wednesday announced a settlement with Glenn Francis Dunbar, who violated securities laws by “failing to deal fairly, honestly and in good faith” with his clients, including making misleading statements to them, the regulator says in a statement.
According to the settlement, Dunbar, a former rep with Quadrus Investment Services, diverted money from certain clients to pay his own personal expenses and to repay other clients. He also borrowed money from clients, and misled them about their accounts, among other conduct that violated his duty to deal “fairly and honestly” with his clients, and violated the public interest.
Dunbar admitted to the violations, accepted responsibility for his conduct, and has reached confidential settlements with several of the clients cited in the settlement with regulators. He has now also been permanently banned, reprimanded, and ordered to pay an administrative penalty of $350,000, along with costs of $6,500.
“It’s important for investors to receive true and accurate information about their accounts activities and potential investment opportunities from their advisers,” says Heidi Schedler, senior enforcement counsel for the NSSC, in a statement. “When investors are misled, it jeopardizes their financial stability and hinders them from making informed investment decision.”