Amherst councillor reprimanded by Nova Scotia Securities Commission
An Amherst town councillor has been reprimanded by the Nova Scotia Securities Commission and ordered to pay an administrative penalty of $ 7,500 for continuing to trade in mutual funds after his licence had expired.
Vince Byrne, who was elected to town council in October 2016, was registered as a mutual fund salesman from 1992 to 2013. After his retirement, his registration with the commission ceased, but Byrne continued to manage Scotia itrade accounts for clients, effecting numerous trades in equities and mutual funds.
The commission said in a news release that Byrne admitted to violations of securities laws, and accepted responsibility for his conduct and was cooperative with commission staff.
The commission approved the settlement agreement and ordered Byrne to comply with Nova Scotia securities laws; cease trading in securities beneficially owned by anyone other than himself, with the exception of three people, for three years.
He is also denied use of exemptions contained in Nova Scotia securities law for 10 years; is prohibited from becom- ing or acting as a director or officer of any issuer, registrant or investment fund manager for five years and is subject to terms and conditions of close supervision and monthly reporting be imposed upon any grant of registration for five years from the date registration is granted.
Byrne said in a statement that he was in dialog with the commission for 15 months about the advisory relationship he enjoyed with some of his friends.
“The issue identified by the commission arose partly from the nature of my friendships, partly from how I conducted my small business, and partly because of my familiarity with business issues my friends sometimes mysterious,” Byrne said.