Frank Dew banned for life from dealing in mutual funds

The Mutual Fund Dealers Association ofCanadahas banned Frank Dew for life from dealing in mutual funds in Canada, in connection with frauds he committed at a business he ran in Charlottetown.

Dew was sentenced in June to 4 -years in prison after pleading guilty to 26 counts of fraud. The frauds were worth almost $3 million.

The MFDA panel ruling was delivered Friday. It dealt with only two allegations: that Dew misappropriated $37,000 from two clients, and failed to cooperate with an MFDA investigation.

In addition to the lifetime prohibition, Dew was fined $124,000 and charged costs of $5,000.

An MFDAhearing for Dew's partner, David Cudmore, is scheduled for May 3.

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