I went to school with this fellow! He tried to borrow money from me!!!

[Ken07AOVette]

Guy Edward Dudding, a former director with Investors Group Financial Services Inc. in Lloydminster, has been fined $990,600 by the Mutual Fund Dealers Association of Canada (MFDA) following a penalty hearing on five misconduct allegations.

The former branch manager is also permanently banned from conducting securities related business in any capacity while in the employ of or associated with any MFDA member company.

The penalty hearing was held by videoconference on Dec. 17 in Calgary before a three-member Hearing Panel of the MFDA’s Prairie Regional Council.

Dudding was employed at Investors Group from April 2007 to May 3, 2019 when he was terminated as a result of the misconduct.

He was also registered with MFDA in Saskatchewan, British Columbia, and Ontario until May 2019, but all business in question was conducted in Lloydminster.

The total fine includes $845,600 with respect to an allegation Dudding misappropriated or failed to account for client monies between June 2015 and May 2019.

Dudding was fined $20,000 for personal financial dealings pertaining to borrowing money from a client contrary to conflict of interest policies and procedures of Investors Group and MFDA rules. This allegation covered the period between November 2016 to February 2017.

A fine of $25,000 was levied against Dudding for providing a falsified account statement to a client on or about May 9 2017. The statement misled the client about the whereabouts of their investments and monies.

The penalty against Dudding includes a $50,000 fine for making a false of misleading statement between August 2015 and March 2020 to Investors Group or MDFA staff during the course of investigations into his conduct.

A second $50,000 fine pertains to failure to cooperate with the MFDA staff’s investigation commencing in March 2020.

The fines include $20,000 for costs of the hearing proceedings.

Dudding was the branch manager at Investors Group from March 2014 and September 2017.

[funkman]

Wonder how much he has squirreled away? Probably too early to go enjoy it...

[CNP]

None of this appears to be criminal. A hefty penalty. In lieu of non payment, what happens?

[Ken07AOVette]

There is an active RCMP investigation, maybe they go after him after this?
Fraud is criminal, and he is guilty. I imagine there will be charges soon.

[esher]

There is an active RCMP investigation, maybe they go after him after this?
Fraud is criminal, and he is guilty. I imagine there will be charges soon.

Had a neighbor swindled years ago, he had to hire a p i to find him. He won the court case but as soon as the judge put the hammer down he said, i am dying of stomach cancer and gave everything to my daughter, what are you going to do to me.

[Ken07AOVette]

Had a neighbor swindled years ago, he had to hire a p i to find him. He won the court case but as soon as the judge put the hammer down he said, i am dying of stomach cancer and gave everything to me daughter, what are you going to do to me.

File an order to have medical records released, full forensic audit on assets, to start

[esher]

Was 40 years ago, dead Men dont need money, cant get cash out of a stone.

[Savage Bacon]

Assuming he's guilty, it's good that they're nailing him with the court bills too.

Sent from my SM-G970W using Tapatalk

[Ken07AOVette]

Was 40 years ago, dead Men dont need money, cant get cash out of a stone.

I LOVE when people say that to me, 'cant get blood form a stone'; "you aren't stone, I am not coming for blood' :)

yeah 40 years is the kicker.

[Ken07AOVette]

a very good mutual friend did give him $200,000.00 but knows his stuff, was watching. He pulled it when there was no movement with enough time not to lose anything.

[HyperMOA]

Would it be in poor taste to contact him now and ask to borrow money?

[Ken07AOVette]

I would assume he is in hiding or holding

[lannie]

There is an active RCMP investigation, maybe they go after him after this?
Fraud is criminal, and he is guilty. I imagine there will be charges soon.

There has been an active RCMP investigation on this since 2019. Its all over social media and news sources.

Disciplinary hearing was May 18, 2021


MFDA News Release:
**Note: Lloydminster RCMP have an active investigation into the allegations against Mr. Dudding**
MFDA Hearing Panel imposes sanctions in the matter of Guy Dudding
The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Guy Edward Dudding (“Respondent”) by Notice of Hearing dated May 18, 2021, as amended on September 24, 2021.
A penalty hearing in this proceeding was has held electronically by videoconference on December 17, 2021, in Calgary, Alberta before a three-member Hearing Panel of the MFDA’s Prairie Regional Council. After hearing submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for misconduct and sanctions in due course:
a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
a fine in the amount of $990,600, the particulars of which are:
$845,600 with respect to Allegation #1;
$20,000 with respect to Allegation #2;
$25,000 with respect to Allegation #3;
$50,000 with respect to Allegation #4;
$50,000 with respect to Allegation #5; and
costs in the amount of $20,000.
A copy of the Amended Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Lloydminster, Alberta area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.

[Dewey Cox]

Kind of getting off topic, (sorry) but, what is everyone's general feeling about investor's group?

[Ken07AOVette]

Kind of getting off topic, (sorry) but, what is everyone's general feeling about investor's group?

If people are hounding you to invest with them, my feeling is they are on commission, they get 80% you get 10% of the profits, and you carry all the risk.

(yes the math is on purpose, dont trust them)

A fellow from here went around to all the farmers, when he retired at 60. Milked a bunch of them out of their savings. Not sure how he is still walking.

[skidderman]

If people are hounding you to invest with them, my feeling is they are on commission, they get 80% you get 10% of the profits, and you carry all the risk.

(yes the math is on purpose, dont trust them)

A fellow from here went around to all the farmers, when he retired at 60. Milked a bunch of them out of their savings. Not sure how he is still walking.

Was with them for a few years. I got so fed up with my advisor I would not talk to him. All he did was talk & would never listen. My feeling is that their fees are way higher than others. The day I pulled my investments from them was a good day for me. That was my experience.

[RandyBoBandy]

a very good mutual friend did give him $200,000.00 but knows his stuff, was watching. He pulled it when there was no movement with enough time not to lose anything.

Good for your friend, doing due diligence :happy0034:

[Ken07AOVette]

Good for your friend, doing due diligence :happy0034:

No kidding, but he is a multi millionaire for good reason.

Guy was slick, but there were 2 things working against him with me.

1- I dont trust investors,
2- I dont have that kind of money to invest lol

My cash is in hard assets I can buy right and sell if required.

[RandyBoBandy]

No kidding, but he is a multi millionaire for good reason.

Guy was slick, but there were 2 things working against him with me.

1- I dont trust investors,
2- I dont have that kind of money to invest lol

My cash is in hard assets I can buy right and sell if required.
He is a multi millionaire for good reason, is what thru my head first off! You're right :)
#1- neither do I. Maybe I'm too simple. I fix a car and at the end of the day, I go home and I feel good, I fixed something and a person is happy with their wheels.
I could never understand, how or what an investor does all day and feels they contributed to society ?? :confused0024:
Good for you to be very liquid, with regards to assets :)

[Ken07AOVette]

He is a multi millionaire for good reason, is what thru my head first off! You're right :)
#1- neither do I. Maybe I'm too simple. I fix a car and at the end of the day, I go home and I feel good, I fixed something and a person is happy with their wheels.
I could never understand, how or what an investor does all day and feels they contributed to society ?? :confused0024:
Good for you to be very liquid, with regards to assets :)

Thanks buddy.

I LOVE hearing how stupid it is having vehicles and equipment that does nothing but cost money and depreciate, but seeing my bank account grow. :)

[HyperMOA]

I don’t think you guys are foolish but my bank account would be much smaller if not for my investor. Also some of my assets were purchased with money my investor made for me.

I think you should somebody you could trust and give them a smaller amount and see what it’ll do.

[traderal]

I went to school with a guy who defrauded a bank in Edmonton to the tune of 16 million, but at least he bought a few nice cars.
I went through 3 investment outfits before I realized that between their fees and revenue Canada that I was being milked. My money is now in rolling stock, ie., anything with wheels and a motor. I can touch it, use it, enjoy it, and sleep well at night. I buy used so it doesn't depreciate much.

[waldedw]

My old granddad used to stay " boy keep your hand on your wallet because if you don't everyone else will be trying to get his hand in it " he died in 1963 but the same goes for today.

I got taken by a, investor by the name of John White back in the early 80's when I thought I didn't have enough time to look after my money so I let him invest some for me, they had a fancy office in downtown Calgary..... yea right 3 years later I realized they were the only ones making money, of course he gave me the old song and dance about your in this for the long haul bla bla, I closed my account, took a bath for about 20K and have never seen the need to pay someone to look after my money since.

I heard a few years later that he was charged and convicted of insider trading and investor fraud, and did some jail time for it, there was more than a few guys in the oil patch that I knew personally back then who lost a pile of money investing with him, but he did live high on the hog for a few years.

[huntinstuff]

I like how you think Ken.

Ive heard that all my life. People asking me "what are you buying THAT for".....

Yeah. THAT'S why.....lol

Hard tangible assets. It works very well.

If allowing an investment person to help you get ahead works, great. I just figured I could do it without the middle man. Sure there are risks, but I am my own worst critic so when I have an argument with myself, I always win. Lol

I dont think people give themselves enough credit for smarts. The talent that is on this AO site could EASILY run this country to prosperity, let alone anything else.

[walleyetis]

Can’t speak for anywhere else but the IG in Lloyd has always been a shady bunch in my opinion. Not much for knowledge either. Their success in Lloyd is primarily due to the good times in the oil industry as many individuals had gobs of disposable income that they were willing to invest. Riding the coattails of the industry for the most part.

[Stinky Buffalo]

The day I pulled my investments from them was a good day for me. That was my experience.

Same.

[badbrass]

Same.
Same here! This was about 20 years ago, IG person the last time I was in was barking at me to invest more!
I was not putting enough in to investments! Took it all out! Was he mad! I said O'Well! and walked out!

[Mb-MBR]

No kidding, but he is a multi millionaire for good reason.

Guy was slick, but there were 2 things working against him with me.

1- I dont trust investors,
2- I dont have that kind of money to invest lol

My cash is in hard assets I can buy right and sell if required.

Pretty much my line of thinking, I consider myself cash poor and equity rich. Maybe not in the same vein as you Ken but I always a hard time with people telling me that they knew best how to spend my money. I used to make a run to California in the 90s to early 2000s, picked up old classic 50-60s Mopars. Had a blast doing it and a lot of lasting memories just from the trips.

I managed to stash away 18 most I ever paid for one was 2600.00 but most were 1000-1500.00 U.S. I hope I get to enjoy the fruits of my labor when I need to. LOL

I will say though I am very intrigued by the folks with financial minds in the investment threads that pop up here. I wish I could follow but its out of my realm.

[daveyn]

IG is well known in the industry to have significantly higher fees than most and they will pretty much hire anybody with any kind of basic financial background. The only group worse than Investors Group is World Financial Group, stay as far away from those guys as you can get.

[flyrodfisher]

The only group worse than Investors Group is World Financial Group, stay as far away from those guys as you can get.

Yup....if you hear the letters WFG...hang on to your wallet, turn around and run away as fast as you can.

[Ken07AOVette]

I don’t think you guys are foolish but my bank account would be much smaller if not for my investor. Also some of my assets were purchased with money my investor made for me.

I think you should somebody you could trust and give them a smaller amount and see what it’ll do.

I like hearing that, it is nice hearing success stories. WAY TOO MANY went that other way.

I like how you think Ken.

Ive heard that all my life. People asking me "what are you buying THAT for".....

Yeah. THAT'S why.....lol

Hard tangible assets. It works very well.

If allowing an investment person to help you get ahead works, great. I just figured I could do it without the middle man. Sure there are risks, but I am my own worst critic so when I have an argument with myself, I always win. Lol

I dont think people give themselves enough credit for smarts. The talent that is on this AO site could EASILY run this country to prosperity, let alone anything else.

Thanks Randy. I appreciate that, and agree. There are guys on here that I definately lean on for questions, a wealth of experience and willing to share? How do you beat that??

Pretty much my line of thinking, I consider myself cash poor and equity rich. Maybe not in the same vein as you Ken but I always a hard time with people telling me that they knew best how to spend my money. I used to make a run to California in the 90s to early 2000s, picked up old classic 50-60s Mopars. Had a blast doing it and a lot of lasting memories just from the trips.

I managed to stash away 18 most I ever paid for one was 2600.00 but most were 1000-1500.00 U.S. I hope I get to enjoy the fruits of my labor when I need to. LOL

I will say though I am very intrigued by the folks with financial minds in the investment threads that pop up here. I wish I could follow but its out of my realm.

My veins are see through MBR lol.

I did not do RRSP's or Mutuals or GIC's I just worked, built my own house, paid everything off afafp, and built a nest egg when I could. If and when I sell equipment it is an easy couple hundred, just for snow moving gear. People have asked me about selling my contract, might do that in a few years. House shop, boat, loader, jd, trucks, sell it all and move to somewhere with year round warm salt water lol.


I know some very rich people, all except 1 got it the old fashion way; Dad died and left it to them. 1 works his bag off and has done very well for himself, the rest are family money.

No such luck here, but my kids and grandkids will be taken care of.

[Ishpah]

Would it be in poor taste to contact him now and ask to borrow money?
go ahead, here's your ticket.
https://www.truenorthmortgage.ca/mobile/guy-dudding

[Pathfinder76]

I like hearing that, it is nice hearing success stories. WAY TOO MANY went that other way.

This is really false information. If you are saying that investment success is the exception you are saying things that are simply not true. By your own admission here you know very little about it. You can’t take a thief and use them as a representative of all house guests. They are not the same thing.

[Drewski Canuck]

Had a neighbor swindled years ago, he had to hire a p i to find him. He won the court case but as soon as the judge put the hammer down he said, i am dying of stomach cancer and gave everything to my daughter, what are you going to do to me.

"Mitchell Jenner v Saunders 2012 Carswell Ont 5299 is an Ontario Court of Appeal case that upholds a finding that the sale of a husband and wife’s property was a fraudulent conveyance intended to defeat creditors.

The married couple had purchased a house together but it was registered only in the wife’s name.

The property was subsequently put into joint names as a condition of obtaining a mortgage. After the mortgage proceeds were received the property was transferred back into only the wife’s name.

No consideration was paid by the wife to the husband for the transfer, and when the house was sold, the sale proceeds were put into a joint account.

Prior to the sale of the property, a plaintiff creditor brought action against the husband for unpaid commissions owed and obtained judgement after the sale.

The creditor successfully sued the wife at trial on the basis that the transaction was fraudulent and intended to defeat creditors."

Gee, sounds like a FRAUDULENT CONVEYANCE to me.

But as for the swindlers and crooks out there the money is often spent on drugs and gambling and lifestyle.

Drewski

[fishtank]

"Mitchell Jenner v Saunders 2012 Carswell Ont 5299 is an Ontario Court of Appeal case that upholds a finding that the sale of a husband and wife’s property was a fraudulent conveyance intended to defeat creditors.

The married couple had purchased a house together but it was registered only in the wife’s name.

The property was subsequently put into joint names as a condition of obtaining a mortgage. After the mortgage proceeds were received the property was transferred back into only the wife’s name.

No consideration was paid by the wife to the husband for the transfer, and when the house was sold, the sale proceeds were put into a joint account.

Prior to the sale of the property, a plaintiff creditor brought action against the husband for unpaid commissions owed and obtained judgement after the sale.

The creditor successfully sued the wife at trial on the basis that the transaction was fraudulent and intended to defeat creditors."

Gee, sounds like a FRAUDULENT CONVEYANCE to me.

But as for the swindlers and crooks out there the money is often spent on drugs and gambling and lifestyle.

Drewski
That sounds like Rogers place got gambling drugs and lifestyle all with in the block .. :thinking-006:

[traderal]

I my exposure to Edmonton stock brokers I found that they were too far removed from Wall Street. Many of these small strip mall investment shops are just a conduit to get you to buy stocks that are being dumped by the big boy players. The ones in the banks are usually bank staff that have attended a series of courses and channel you into preplanned stock groups. I found that the top outfits in North America average 10 to 12% on their best conservative funds. If you have 200k or more to invest then you can go to any of our big banks and ask for the high investor plans and they claim to average 10 to 12 also. I looked at the list of stocks in their portfolio and I could not see how they averaged that high but each to their own. Hey if I had known that Fauci was that well connected to Moderna who had no manufacturing facilities for a Covid vaccine and I would have bought their stock at 10 and sold for close to 400 in a few months i would be a multimillionaire today. Gambling at its best and worst.

[bdub]

No kidding, but he is a multi millionaire for good reason.

Guy was slick, but there were 2 things working against him with me.

1- I dont trust investors,
2- I dont have that kind of money to invest lol

My cash is in hard assets I can buy right and sell if required.

Investors Group or investment advisors or investors in general??

[calgarychef]

I went to school with a lot worse people than that.

[Ken07AOVette]

I went to school with a lot worse people than that.

And?

[calgarychef]

And?

And? I’m from Lloyd… there’s no shortage of bad guys anywhere.