Despite having her registration suspended, ex-advisor continued selling securities and advising clients
A former advisor has been banned for ten years and fined $15,000 by the Alberta Securities Commission (ASC) for acting as an advisor after her registration was terminated.
Shery Jean Dalla-Longa was a registered representative in Medicine Hat for 30 years until December 31, 2016, when her registration was suspended after her position was terminated by her investment dealer.
Despite this, she continued to sell securities and provide investment advice to at least 10 clients. She maintained the outward appearance of a financial advisor capable of providing specific advice about investing in, buying, and selling securities. Dalla-Longa admitted to the ASC that she didn’t tell her clients that her registration was terminated.
Dalla-Longa admitted to generally associating herself with another registered investment dealer after she was terminated in 2016. She solicited those 10 clients to transfer their investment accounts to that investment dealer and represented herself as her clients’ financial advisor in writing.
The settlement agreement highlighted registration as key to protecting investors and enhancing capital market integrity through ongoing oversight and compliance obligations.
“A breach of the registration requirement exposes the investing public to unanticipated risks and potential financial harm,” the settlement agreement stated, “which may jeopardize confidence in the capital market.”
Dalla-Longa agreed to a 10-year ban, the removal of “Dalla-Longa Wealth Management” from the Alberta Corporate Registry, a fine of $15,000, and a payment of costs totalling $10,000.