News Release
Mutual fund salesman barred from securities market for defrauding clients
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Date:
2001-07-13 -
Number:
2001/29
Released: 07/13/01 Contact: Michael Bernard
NR 01-29 (604) 899-6880 or
(BC only) 1-800-373-6393
Vancouver – The British Columbia Securities Commission has barred a mutual fund salesman from the B.C. securities market for 10 years after he defrauded two clients of more than $31,000.
Abiodun Sofoluwe Sowemimo, a former employee with a Vancouver office of Investors Group Financial Services, agreed in a settlement with the commission that he would not apply for registration to sell securities in B.C. for 10 years. He is also prohibited from acting as a director or officer of any public company issuing securities or from engaging in investor relations for 10 years.
In an agreed statement of facts, Sowemimo admitted he had forged the signatures of two clients in August 2000 and used $31,498.14 for personal purposes, an act of fraud under the Securities Act. He also violated the Securities Act by failing to deal fairly, honestly and in good faith with clients.
After investigating the fraud, Investors Group immediately dismissed Sowemimo and reimbursed the clients he defrauded.
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 Communications Manager Michael Bernard at 899-6524.