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An Edmonton mutual fund salesman who borrowed $80,000 from a client and didn’t pay it back has been permanently banned from the industry by his regulatory organization.

Keith Lorne Davis, who worked for WFG Financial Management Ltd. from 2002 to 2013, took out the 2009 loan to open a tax preparation business without telling his employer, according to a Mutual Fund Dealers Association of Canada disciplinary hearing decision.

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Davis, who falsely denied to WFG that he had an outside business, hasn’t repaid the money or the interest he owes.

He didn’t take part in the January hearing because he told officials he was going through a bankruptcy proceeding and couldn’t afford legal representation.

In addition to the ban, he was penalized $160,000 for offences related to the loan and other breaches.

Meanwhile, a second Edmonton mutual fund salesman has agreed to be prohibited from conducting securities-related business for one month and pay a $27,500 penalty for violating industry rules in relation to hundreds of transactions.