The Insurance Council of British Columbia has published its decision and issued an order, cancelling Jewel Mary Henricks’ life agent license after Henricks was permanently banned from conducting securities related business by the Mutual Fund Dealers Association of Canada (MFDA).
“Council determined that where an insurance agent has been banned from practicing in another segment of the financial services sector, the insurance agent’s suitability to continue to engage in insurance business is brought into question,” the regulator states in its decision and order. “Council concluded that to allow the licensee to continue to hold a life agent license while banned from working in another financial services sector, would undermine the public’s confidence in the insurance industry.”
Henricks was the subject of an MFDA disciplinary hearing in January 2021. She was banned from the industry in an order issued in May 2021. Based in Prince George, British Columbia, the former PFSL Investments Canada Ltd. representative reportedly falsified records, engaged in personal financial dealings with a client, and failed to cooperate with the MFDA’s investigation into her conduct.
According to the MFDA, Henricks took money from clients to invest it in a pyramid scheme but instead deposited the amount into her own personal account. She also reportedly deposited the proceeds of redemptions from the account of one client into her own personal bank account before paying the proceeds out to her client in cash. She is also accused of falsely recording her own home address and personal email address on account forms for two more clients. Henricks was terminated for her conduct in October 2018.
