A former Canadian “mutual fund” salesman has been banned for life from the industry and ordered to pay a fine of $6 million for stealing clients’ assets valued at some $12 million, the Globe and Mail reports.

A hearing panel of the Mutual Fund Dealers Association of Canada alleged that Paul Yoannou of Ontario-based Investors Group Financial Services mislead clients by telling them their funds were being invested in Investors Group products, but instead he deposited their funds in his own bank accounts and sent them falsified account statements.

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