Winnipeg Free Press - PRINT EDITION

Financial adviser did nothing to warrant investigation, say regulators

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REGULATORS who reviewed complaints last year by a client against Winnipeg financial adviser Ken Muzik did not find any reason to launch a formal proceeding, let alone fine or sanction him.

In June 2012, Muzik was an adviser with National Bank Financial and had been registered with the Mutual Fund Dealers Association.

"Our investigations are confidential and we do not discuss them publicly," said Shaun Devlin, the association's vice-president of enforcement.

He said they only become public if a formal proceeding is the result of the investigation.

In the Muzik case, the complainant went public and spoke to the media even before the association had a chance to do any investigation.

Devlin confirmed the association has no formal proceeding underway against Muzik.

"When all the dust settles my hope is that it is clear that I have always done what I have felt was in the best interests of my clients," Muzik said.

"As I continue to pursue legal actions, I am confident that the truth will surface and my clients will be treated fairly based on the rules and regulations that govern the financial industry."

Subsequent to the matter becoming the subject of media reports (including a story in this paper), Muzik was suspended and later fired by National Bank Financial.

Claude Breton, senior manager of public affairs for National Bank, confirmed Ken Muzik is no longer with the firm, but would not comment further on the matter.

Muzik now operates his own independent financial advisory business called Muzik Financial Services Inc. It it affiliated with Hahn Investment Stewards.

martin.cash@freepress.mb.ca

Republished from the Winnipeg Free Press print edition April 3, 2013 B4

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