It was ruled recently that a former White Rock, British Columbia-based mutual fund salesperson defrauded his clients of about $1.6-million over a six-year period according to a July 15 report in Canada News Wire.

Robert Maudsley and Shaylor Management Ltd. were found by the British Columbia Securities Commission to have violated the Securities Act in committing fraud. Maudsley had convinced 23 clients to redeem about $1.6 million in mutual fund holdings to invest in other securities. Maudsley never invested the money.

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