MFDA fines De Thomas Wealth Management

By The IJ Staff | February 18 2019 01:30PM

Photo: Freepik

The MFDA announced Feb. 14 that it has sanctioned De Thomas Wealth Management Corp. with a fine of $40,000; and costs in the amount of $10,000.

De Thomas Wealth Management Corp. (De Thomas) is registered in the provinces of Ontario, Alberta, British Columbia, Manitoba, Saskatchewan and Quebec as a Mutual Fund Dealer.

In a settlement agreement, De Thomas admitted that beginning June 2011 it failed to conduct an on-site compliance review of every sub-branch location at least once every three years.

In addition, between June 2016 and March 2017 it admitted to failing to adequately supervise a representative by approving and permitting the rep to sell syndicated mortgages outside of the dealer.

To learn more, consult the settlement agreement on the MFDA website.

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