Commission imposes $100,000 penalty on Nova Scotia mutual fund firm

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HALIFAX - The Nova Scotia Securities Commission has imposed a $100,000 penalty on a financial firm that violated securities laws by failing to ensure the accurate recording of client information.

The commission also says Keybase Financial Group Inc. failed to make sufficient enquiries about client credit worthiness and didn't register all of its employees with the commission.

In a statement released today, the commission says the mutual fund company has accepted responsibility for its conduct.

The commission has also ordered the company to make a payment of $148,000 and pay $10,000 to cover the costs of the investigation.

Organizations: Nova Scotia Securities Commission, Keybase Financial Group

Geographic location: Nova Scotia, HALIFAX

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