2nd dealer in Morton Dew scandal banned from mutual fund trading

David Cudmore has been banned from conducting securities business, in any capacity,by the Mutual Fund Dealers Association ofCanada.

Cudmore was the owner of Cuddy Financial in Charlottetown, and worked with Frank Dew of Morton Dew. Both men were convicted of fraud last year in relation to their business dealings with their clients. Cudmore was sentenced to two years in prison.

The MFDA held a hearing Thursday and found that Cudmore had failed to cooperate in an MFDA investigation.

Dew has also been banned by the association.

In addition to the ban, Cudmore was fined $125,000 and charged costs of $7,500.

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