Salmon Arm Financial Advisor Fined $ 50,000, Banned from Trading for 12 Years | iINFOnews
November 21, 2021 – 7:05 AM
A Salmon Arm financial advisor was fined $ 50,000 and banned from trading or buying securities for 12 years.
The British Columbia Securities Commission concluded that Jeffrey Dean Mushaluk of Salmon Arm acted as an advisor without being properly registered.
The Securities Commission decision of November 15 says Mushaluk solicited and referred 96 investors to investment funds managed by Crystal Wealth Management System before the company collapsed in April 2017.
“(Mushaluk) presented himself as an investment advisor for several months. He made investment recommendations or gave portfolio allocation instructions to 61 of the investors. He also made buy and sell recommendations. sale of securities, “read a press release from the Securities Commission.
The ruling indicated that Mushaluk was registered to sell certain mutual fund securities, but not with Crystal Wealth. However, he attended two investment seminars where he provided information on Crystal Wealth.
He also participated in Know Your Client information sessions on risk preferences, investment goals and household income. He then facilitated investments and completed administrative formalities as the main point of contact.
This is not the first time Mushaluk has had trouble with the authorities. In 2016, he was fined $ 25,000 and his license was suspended for three years by the Mutual Fund Dealers Association of Canada.
The ruling states that his license was suspended while he was engaged in the business of Crystal Wealth.
Mushaluk admitted the misconduct before the case was heard and agreed to pay the $ 50,000 fine “immediately without further demand,” according to the ruling.
It’s unclear how Mushaluk will make the payment, as the ruling says he went bankrupt in May 2018 and has no significant assets.
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