Allegations centred around claims dealing rep borrowed more than half a million dollars from clients
An advisor has been banned for life and fined $75,000 for failing to co-operate with an MFDA investigate.
Lee Scott McIvor was registered as a dealing representative with Sun Life Financial Investment Services in three provinces, conducting business from the Kelowna, B.C. area. In March, 2017, his registration was terminated.
The MFDA hearing detailed how, on about August 20, 2017, staff commenced a review after Sun Life received a complaint from a client whose account had been serviced by McIvor. It was alleged that McIvor borrowed $40,000 from him and failed to repay this amount, and had also borrowed a total of $490,000 from two other clients.
These allegations indicated that McIvor “may have engaged in personal financial dealings with clients by borrowing money from them”, giving rise to a conflict of interest that was not apparently disclosed to Sun Life.
The respondent participated in an interview conducted by an MFDA investigator but then failed to respond to numerous requests – by email, regular mail and phone – for more information. McIvor has not responded to any MFDA correspondence and has not provided any of the information that its staff requested since July 5, 2018.
McIvor must also pay costs of $10,000.
