News Release Archive

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

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.