A Mutual Fund Dealers Association of Canada hearing panel has imposed sanctions against Adam Kryn Vandermey, announced the regulator Aug. 24.

The MFDA's Central Regional Council found that two allegations concerning Vandermey had been established. The first allegation was that between Dec. 10, 2013 and Aug. 1 2014 he “misappropriated approximately $48,018 from two clients and a bank account used to conduct charitable activities, thereby failing to deal fairly, honestly and in good faith with clients and engaging in conduct unbecoming an Approved Person...”

The second allegation is that beginning May 5, 2015, he failed to cooperate with an investigation into his activities by MFDA staff.

Permanent prohibition

The hearing panel imposed the following sanctions on Vandermey: a permanent prohibition on conducting securities related business in any capacity while in the employ of or associated with any MFDA Member; a fine in the amount of $200,000; and costs in the amount of $10,000.

During the period described in the MFDA’s Notice of Hearing, Vandermey conducted business in the Kitchener-Waterloo, Ontario area.