An advisor has been banned for two and a half years and fined $5,000 for borrowing a total of $3,100 from two clients.
Raymond Zamrykut was registered in Manitoba with PFSL Investments Canada from September 2012 to February 2018, when he was fired. At all times during the violations, Zamrykut worked out of Winnipeg.
He admitted to an MFDA hearing panel that he borrowed the money and, therefore, engaged in conduct giving rise to a conflict or potential conflict of interest, which he failed to disclose to his company.
He also admitted failing to report to PFSL Investments Canada a garnishment order relating to a small claims court action against him for $5,159.19 at the Manitoba Provincial Court. Subsequently, a Notice of Garnishment was issued against Zamrykut, indicating that he owed $6,317.
The respondent borrowed $2,000 from one client and $1,100 from the second, telling them both he would repay them with interest within a year. Despite repeated requests to repay the money, Zamrykut paid back only $200 before the violations came to light and the member firm compensated the clients for their losses.
Zamrykut must also pay $2,500 in costs.