(JENNIFER STAHN / iNFOnews.ca)

A Salmon Arm financial advisor has been fined $50,000 and prohibited from trading or purchasing securities for 12 years.

The British Columbia Securities Commission found that Jeffrey Dean Mushaluk of Salmon Arm acted as an advisor without having the correct registration.

The securities commission decision on Nov. 15, says Mushaluk solicited and referred 96 investors to investments funds managed by Crystal Wealth Management System before the firm collapsed in April 2017.

"(Mushaluk) held himself out as an investment advisor for several months. He made investment recommendations or gave portfolio allocations instructions for 61 of the investors. He also made recommendations for buying and selling securities," reads a media release from the securities commission.

The decision said Mushaluk was registered to sell some mutual fund securities but not with Crystal Wealth. However, he participated in two investment seminars where he provided information about Crystal Wealth.

He also took part in Know Your Client information sessions that included risk preferences, investment goals and household income. He then facilitated investments and completed paperwork acting as the primary point of contact.

It's not the first time Mushaluk has been in trouble with the authorities. In 2016, he was fined $25,000 and had his licence suspended for three years by the Mutual Fund Dealers Association of Canada.

The decision says his licence was suspended when he was engaged in the activities for Crystal Wealth.

Mushaluk admitted to the misconduct prior to the matter going to a hearing and agreed to pay the $50,000 fine "immediately without further demand," according to the decision.

It's unclear how Mushaluk will make the payment as the decision states he went bankrupt in May 2018 and has no significant assets.

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