![['Morton Dew Limited office in Charlottetown.']](https://saltwire.imgix.net/morton-dew-3152966.jpg?cs=srgb&fit=crop&h=568&w=847&dpr=1&auto=compress%2Cenhance%2Cformat)
The regulatory body for mutual fund dealers in Canada has sanctioned a P.E.I. man who was involved in a scheme that defrauded clients of more than $2.9 million.
Last week the Mutual Fund Dealers Association of Canada held a disciplinary hearing in Charlottetown for Frank Harrison Dew who was sentenced in June to 54 months in prison.
A three-member panel heard the case and found the two allegations it was dealing with had been established.
Those allegations involved Dew misappropriating $37,000 from two clients and failing to co-operate with an investigation by the association and its staff into his activities.
Dew was previously sentenced in provincial court after pleading guilty to 26 counts of fraud over $5,000.
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The sanctions included a permanent prohibition on Dew conducting securities-related business while employed by or associated with any association member.
It also ordered Dew to pay a $124,000 fine and $5,000 in costs.
