ManitobaAn appeal by a former Winnipeg mutual fund consultant who was fined more than $300,000 by Canada’s investment regulator for running unauthorized outside businesses and misleading his employer about it for more than a decade has been dismissed by the Manitoba Securities Commission.Andrew Kazina ran unauthorized outside businesses and misled employer, investment regulator foundCBC News · Posted: Nov 29, 2025 5:07 PM EST | Last Updated: 3 hours agoListen to this articleEstimated 3 minutesThe audio version of this article is generated by text-to-speech, a technology based on artificial intelligence.The Manitoba Securities Commission has dismissed the appeal of a former Winnipeg mutual fund consultant who was previously fined more than $300,000 for breaching conflict of interest rules. (CBC)An appeal by a former Winnipeg mutual fund consultant who was fined more than $300,000 by Canada’s investment regulator for running unauthorized outside businesses and misleading his employer about it for more than a decade has been dismissed by the Manitoba Securities Commission.A Manitoba Securities Commission decision dated Nov. 24 rejected Andrew Kazina’s appeal of an initial 2023 decision by the Canadian Investment Regulatory Organization.It found Kazina, who had worked with Investors Group Financial Services in Manitoba as a mutual fund sales consultant between 1992 and 2017, breached the conflict of interest rules of the Canadian organization, a self-regulatory body that oversees investment and mutual fund dealers.According to that decision, the panel found Kazina did not disclose or seek approval for outside business dealings, which included operating companies that provided financial and tax services, between 2002 and 2017. The panel concluded that between January 2012 and October 2017, Kazina accepted about $257,500 from eight clients and two non-clients to invest in a business that he operated.Over that same period, he solicited about $232,000 from at least eight clients to help fund these outside businesses. He deposited that money into his personal bank accounts, the decision said.Kazina provided “false or misleading” answers to annual Investors Group compliance questionnaires between 2006 and 2017, the panel found, claiming he had no outside business dealings to disclose or receive written approval for. The regulatory body ordered Kazina to pay a $313,000 fine and an additional $30,000 for legal costs in a subsequent decision. It permanently banned him from conducting securities-related business with member companies that deal mutual funds, the penalty decision said. Kazina “breached the trust of the investing public” and “did damage to the integrity of the capital markets,” the decision said.”The risk to investors and the capital markets from Kazina’s conduct was significant,” it said.Kazina filed an amended notice of appeal in February, asking the Manitoba Securities Commission to review the Canadian regulatory body’s earlier decisions. He argued he had “done nothing wrong” in not disclosing his outside businesses to Investors Group or by accepting money investing in these businesses.In its appeal decision, the Manitoba panel wrote that the national panel “properly considered all of the relevant evidence in making its findings” and that its findings were supported by evidence presented during the merits hearing.The Manitoba commission found the national organization didn’t overlook any evidence in this case. “The amended appeal is dismissed in its entirety,” the securities commission’s panel wrote.
Winnipeg mutual fund consultant’s appeal dismissed after $300K fine for breaking rules: securities regulator
