Former mutual fund rep banned and fined $500,000

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The Nova Scotia Securities Commission (NSSC) has fined a former mutual fund rep $500,000 for defrauding investors. Wesley William Robinson, who must also pay costs of $25,000, and his company, DRR900306, have also been permanently banned by the NSSC.

In its August decision, the Commission found the respondents committed several violations of securities laws including acting as a dealer and an advisor without being registered to do so, engaging in unfair practices, and perpetrating fraud.

The fraudulent schemes took more than $1 million from investors, with the funds used for Robinson’s “personal expenses and other purposes”.

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