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Mutual fund dealer pays $4,000 for allowing unregistered trades

  • Date:

    2010-04-19

  • Number:

    2010/22

Vancouver - In a settlement agreement with the British Columbia Securities Commission, a mutual fund dealer has agreed to pay $4,000 for failing to keep one of its employees properly registered to sell securities.

In May 2009, Portfolio Strategies Corporation terminated the registration of an employee in error, while attempting to cancel the registration of another employee with a similar name.

From May 25, 2009 to December 2, 2009, the employee conducted 947 trades without being registered. Portfolio Strategies discovered its mistake on December 3, 2009 and applied to the Commission to reactivate the employee’s registration.

The B.C. Securities Commission is the independent provincial agency responsible for regulating trading in securities in the province. You can view the settlement agreement on our website www.bcsc.bc.ca by typing Portfolio Strategies Corporation or 2010 BCSSECOM 202 New window into the search box. If you have questions, contact Brenda-Lea Brown, media relations 604-899-6554.

Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org New window.