MFDA fines advisor $124,000 for misconductBy The IJ Staff | April 23 2018 11:30AM
A Mutual Fund Dealers Association (MFDA) Hearing Panel fined Frank Harrison Dew $124,000 for misconduct, announced the regulator April 19. The hearing was held in Charlottetown, Prince Edward Island.
The MFDA found that between Jan. 16, 2012 and June 24, 2015, Dew misappropriated $37,000 he had received from two clients, and then failed to cooperate with an investigation by MFDA staff into his activities.
In addition to the fine, Dew is permanently prohibited from conducting securities related business in any capacity while under the employ of or associated with any MFDA Member. The MFDA also sanctioned him with costs in the amount of $5,000.