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Mutual Fund News

Disciplinary hearing set for salesman

A mutual funds salesman working for Investors Group Financial Services Inc. is accused of misappropriating almost $12-million from at least 55 investors whose money allegedly went straight into his own bank accounts. The Mutual Fund Dealers Association of Canada, which regulates people working in the mutual fund industry, announced a disciplinary hearing Thursday against Paul Yoannou, who allegedly misappropriated $7.2-million from 40 clients and a further $4.4-million from 15 other investors who were not Investors Group clients between 2006 and 2011. The MFDA said Mr. Yoannou told the victims they were investing in four different investment programs he claimed were approved by Investors Group, including a credit card financing program.

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