Dorothy Siu Wah Chan fined $650,000
TORONTO - A British Columbia salesperson and insurance agent has been fined $650,000 by the Mutual Fund Dealers Association of Canada after a hearing determined that she had misappropriated more than $800,000.
Dorothy Siu Wah Chan is also banned from conducting securities related business while working for any member of the association and must pay $5,000 in costs.
The association says Chan misappropriated approximately C$754,340 and US$94,200 from at least 18 people, three of whom were her clients.
Chan was a mutual fund salesperson and an insurance agent with Sun Life Financial Investment Services in Burnaby, B.C.
The association says that during investigations, Chan admitted she had misappropriated the money.
In one instance, she deposited $50,000 of the money a client had given her to buy mutual funds and GICs into an insurance policy in her husband's name.