The British Columbia Securities Commission has found a former mutual fund salesman guilty of fraud and "failing to deal fairly, honestly and in good faith with clients." Carey Brian Dennis misappropriated close to $200,000 (C$250,000) of clients' money, the regulator charged. Earlier, in October 2003, the Supreme Court of British Columbia found Dennis guilty of fraud and theft, sentencing him to two years and three months in prison and ordering him to make restitution.
Dennis, a mutual fund salesman from late 1993 until July of 1997, worked at Mutual Investco, a subsidiary of Mutual Life, which is now Clarica Life Assurance Co. During that period, he misled seven clients about the investment of their funds. While he told them that he invested their money in a mortgage or mutual fund with Mutual Life, he actually used the money in his own name or for his business or personal purposes.