A former Investors Group financial advisor who was sentenced to six years in jail after pleading guilty to 15 counts of fraud in February was fined $6-million on Thursday by the Mutual Fund Dealers Association of Canada.
Paul Yoannou, who was 53 years old at the time of sentencing, was alleged to have misappropriated more than $11-million from 40 clients and 15 others in a disciplinary notice filed by the MFDA last August.
The self-regulatory body meted out the sanctions Thursday following a hearing. Mr. Yoannou was fined an additional $50,000 for failure to co-operate with regulators, and ordered to pay costs of $7,500. He was also permanently prohibited from participating in the registered securities business.
Barbara Shecter – Financial Post – April 25, 2013.
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