News Release

Vancouver – The British Columbia Securities Commission has found that a former mutual fund salesman breached securities laws in committing fraud and failing to deal fairly, honestly, and in good faith with clients.

Carey Brian Dennis, of Salmon Arm, B.C., was registered as a mutual fund salesman from September 1993 to July 1997. He worked at Mutual Investco Inc., a subsidiary of Mutual Life (later known as Clarica Life Assurance Company). From 1993 to 1997, Dennis intentionally misled seven B.C. clients about what he had done with their investments. Dennis told the clients he invested their money in a mortgage or other mutual fund with Mutual Life, when in fact, he used their money to invest in mortgages or a mortgage pool in his own name or for other business or personal purposes. In total, the clients lost close to $250,000.

On Oct. 10, 2003, Dennis was found guilty of fraud and theft in the Supreme Court of British Columbia, and later sentenced to two years and three months in prison and ordered to make restitution. The commission panel adopted the court’s findings of fact and law.

Temporary orders that prohibit Dennis from trading in securities in B.C., from being a director or officer of any issuer, and from engaging in investor relations activities remain in place until the commission hears further submissions and decides what sanctions to impose.

The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website www.bcsc.bc.ca by typing in the search box, Carey Brian Dennis or 2005 BCSECCOM 65. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.