News Release
Mutual fund salesman barred from markets
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Date:
2002-06-28 -
Number:
2002/44
Vancouver – The B.C. Securities Commission has banned a Vancouver mutual fund salesman from the securities market for at least 10 years after he admitted that he borrowed money from his clients.
Jose Alberto Monterossa was registered to sell mutual funds when he borrowed about $73,000 from 25 clients. In doing so, Monterossa placed himself in a conflict of interest position and breached section 14(1) of the Securities Rules stipulating that a registrant must deal fairly, honestly and in good faith with clients.
In the settlement reached with the commission, Monterossa has agreed to repay his clients the remainder of the funds that he borrowed from them.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.