News Release Archive
SECURITIES COMMISSION--SALESPERSONS REGISTRATION CANCELLED ----------------------------------------------------------------- The Nova Scotia Securities Commission has issued an order implementing its March 13, 1997 decision to cancel the registration of Wesley William Robinson and Mary Ann Robinson as mutual funds salespersons. In addition, the commission also ordered that certain exemptions permitted by the Securities Act do not apply to them or an issuer directly or indirectly controlled by either of them for a period of two years commencing March 13, 1997. The decision and order follows an investigation and hearing into a situation where a client, who relied on Mr. Robinson for financial advice, cashed in RRSP accounts in order to purchase two bonds valued at $96,440 issued by WRFG Insurance and Investments Limited. Mr. and Mrs. Robinson privately owned and operated the WRFG company from their Halifax Shopping Centre office in Halifax while they were both employed as mutual fund salespersons with Heritage Financial Services Inc, a mutual fund dealer. The bonds were to be issued for the client's RRSP account. The Robinson's admitted at the hearing that the bonds were not an eligible investment under the Income Tax Act which would result in devastating tax consequences for the client and they were not a suitable investment for the client's retirement fund. The effect of the decision is that Mr. and Mrs. Robinson are no longer able to sell mutual funds in Nova Scotia and are prohibited from trading in securities, except for their own accounts, for a period of two years. Contact: Norman Clair 902-424-7768 trp Mar. 21, 1997 - 4:10 p.m.