The MFDA announced Feb. 14 that it has sanctioned De Thomas Wealth Management Corp. with a fine of $40,000; and costs in the amount of $10,000.
De Thomas Wealth Management Corp. (De Thomas) is registered in the provinces of Ontario, Alberta, British Columbia, Manitoba, Saskatchewan and Quebec as a Mutual Fund Dealer.
In a settlement agreement, De Thomas admitted that beginning June 2011 it failed to conduct an on-site compliance review of every sub-branch location at least once every three years.
In addition, between June 2016 and March 2017 it admitted to failing to adequately supervise a representative by approving and permitting the rep to sell syndicated mortgages outside of the dealer.
To learn more, consult the settlement agreement on the MFDA website.