Former mutual fund representative banned and fined $500,000
The Nova Scotia Securities Commission (NSSC) has fined a formed mutual fund representative $500,000 for defrauding investors. Wesley William Robinson, who also has to pay the $25,000 cost, and his company, DRR900306, have also been permanently banned by the NSSC.
In its August ruling, the commission found that respondents had committed multiple violations of securities laws, including acting as a dealer and a consultant, engaging in unfair practices and committing fraud, without registering to do so.
The fraudulent schemes took more than $1 million from investors, with the money used for Robinson’s “personal spending and other purposes.”