Following a penalty hearing, the Mutual Fund Dealers Association of Canada (MFDA) announced it has permanently banned Prince George, British Columbia-area advisor, Jewel Henricks, and has fined her $50,000 plus costs of $10,000 over allegations that she falsified records, engaged in personal financial dealings with clients and failed to cooperate with the MFDA’s investigation into her conduct.
Among the allegations against Henricks, the MFDA says she accepted a $5,000 check from a client to place in a pyramid scheme gifting program, which she deposited into her own account. The client did not receive any payment or repayment of his funds from the gifting program.
Henricks also reportedly deposited the proceeds of redemptions from the account of a client totalling $3,508.82, into her own personal bank account before paying the proceeds to her client in cash. Between February 2016 and February 2018 she is also accused of falsely recording the home address of two clients using her own business address on five client account application forms, and falsely recording email addresses for three clients using her personal email address on eight client account application forms.
Formerly a representative with PFSL Investments Canada Ltd. in both British Columbia and Alberta, Henricks was terminated for her conduct in October 2018, at which time she stopped cooperating with the MFDA. Henricks is not currently registered in the securities industry in any capacity.
“As a result of the respondent’s failure to cooperate, staff cannot determine the full nature and extent of the respondent’s conduct, including whether the respondent engaged in personal financial dealings with other clients or had further involvement with the gifting program,” the MFDA writes in its amended notice of hearing.
