The Mutual Fund Dealers Association of Canada (MFDA) has permanently banned a financial advisor from conducting securities-related business in any capacity and fined him after the advisor allegedly submitted a line of credit application containing false information.
The MFDA said Roman Vendrov will no longer be able to conduct securities business with any MFDA member, fined him $115,000 and costs of $7,500.
MFDA says Vendrov fabricated documents
In its notice of hearing, the MFDA alleged Vendrov fabricated supporting documents when he submitted the line of credit application. By including the false information, he was “failing to observe high standards of ethics and conduct in the transaction of business or engaging in conduct which is unbecoming and detrimental to the public interest.”
Vendrov was registered in Ontario as a mutual fund salesperson with Shah Financial Planning Inc., a member of the MFDA, from March 2015 to November 2016. He was let go by Shah in November 2016.