Former Ottawa advisor banned and fined $400,000

By The IJ Staff | February 13 2019 01:30PM

Photo: Freepik

The Mutual Fund Dealers Association of Canada has sanctioned Alfredo Pino, also known as Alfie Pino, with a penalty of $400,000, costs of $25,000 and a permanent ban, announced the regulator this week.

The MFDA says three allegations have been established against Pino, including the misappropriation of funds from a senior citizen. Pino’s client, BC, paid approximately $280,000 to him. He deposited the monies in the bank account of Trova, a private company owned and controlled by him. “Approximately $267,000 of the monies were never repaid. The funds were misappropriated by him,” says the MFDA.

Pino also did not disclose his activities with three Trova companies to, nor receive the approval of his MFDA Member, Investors Group. He also failed to cooperate with and misled the MFDA during its investigation, says the regulator.

MFDA Staff called Pino’s conduct “egregious. He took advantage of a vulnerable senior citizen, a widowed person with no previous investment experience, few savings, and little understanding of what she was doing when the Respondent persuaded her to trust him with her money. Although BC eventually was reimbursed by the Respondent’s Member, she had the trauma of a legal battle with the Respondent and faced the uncertainty of the possible loss of a significant portion of her wealth.”

To learn more, consult the Decision and Reasons (Penalty) on the MFDA’s website at

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