The Insurance Council of British Columbia has issued a decision and order cancelling Jeffrey Dean Mushaluk’s license after the British Columbia Securities Commission (BCSC) reached a settlement agreement with Mushaluk, fining him $50,000 and banning him from activity in the securities industry for holding out as an advisor without being registered.
Licensed as a life accident and sickness insurance agent in British Columbia since 2011, Mushaluk settled with the BCSC in November 2021. “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 insurance council’s decision states. “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.”
The BCSC’s agreement says Mushaluk solicited and referred 96 investors to investments managed by Crystal Wealth Management System Limited, which collapsed in April 2017. He collected know your client information for the investors, acted as their primary point of contact and participated in seminars about Crystal Wealth and its investment funds. He also made investment recommendations and gave other advice to 61 of the investors without being registered to sell mutual funds during the relevant period. Mushaluk declared bankruptcy in May 2018 and reportedly has no significant assets.
In addition to the $50,000 fine ordered by the BCSC, he is also prohibited from trading or purchasing securities or derivatives except in accounts in his own name. He is also prohibited from advising or engaging in promotional activities for 12 years.
