After meting out a fine of $6-million, the Mutual Fund Dealers Association has labelled former Investors Group advisor Paul Yoannou “a despicable fraudster.”
The former advisor, who pleaded guilty to 15 charges of fraud in a Toronto courtroom in February, “stole at least $6,000,000 from 18 clients and other individuals and used the cover of his employment by Investors Group to advance his fraudulent schemes,” the MFDA said Wednesday in a document itemizing the self-regulatory agency’s reasons for handing down the large fine last month.
“He deserves the maximum penalty this Hearing Panel can impose,” panelists Terrance A. Sweeney and Brian Nowak said in the six-page document. Mr. Yoannou is also permanently prohibited from conducting securities related business in any capacity while employed by, or associated with, any MFDA member.
Barbara Shecter – Financial Post – May 9, 2013.
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