Photo: Glacier Media

The British Columbia Securities Commission alleges that a Salmon Arm resident acted as a financial adviser without being registered.

Between 2014 and 2017, Jeffrey Dean Mushaluk was paid a total of $645,750 in commissions for trading and advising with a corporation that offered investment funds.

The corporation was registered in British Columbia as an exempt market dealer and portfolio manager, and in Ontario as an investment fund manager, exempt market dealer and portfolio manager. It collapsed in April 2017.

Mushaluk solicited and referred 96 investors to investment funds managed by the corporation.

The BCSC alleged he did several “adviser” duties such as collecting “Know Your Client” information about the investors, completed paperwork for them and acted as their primary point of contact.

He also allegedly hosted seminars where he gave potential investors information about the corporation and its investment funds.

BCSC says that Mushaluk purported himself as a financial adviser and made investment recommendations or gave instructions for portfolio allocations for 61 of the investors.

“Although Mushaluk was registered under the Securities Act to sell mutual funds for part of this period, the BCSC alleges that he was not registered to trade or advise for the corporation,” BCSC said in a press release.

The BCSC’s allegations have not been proven. The commission will schedule a hearing date in May 2021.