Former rep allegedly took money from clients and deposited it in her own personal account
A former advisor has been banned for life by the MFDA after a hearing into allegations she took money from clients and deposited it in her own personal accounts.
Jewel Mary Hendricks, a former rep with PFSL Investments Canada in Prince George, B.C. was also fined $50,000 and ordered to pay $100,000 in costs. The hearing also found that she failed to participate in the MFDA’s investigation, citing health issues.
In 2018, she was terminated by PFSL and no longer works in the industry.
The allegations detailed how, on two occasions, she took money from clients, a $5,000 cheque and $3,500 in redemption proceeds, and deposited them in her own account.
The latter was later given to the client in cash but the $5,000 was supposed to be put into a “gifting program” pyramid scheme. The client never received any payout from the scheme, according to the hearing.
Another allegation involved Hendricks falsely recording the home address of two clients using her own business address on client account application forms and falsely recorded the email addresses of three clients using her own personal email address.
