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Former Edmonton mutual fund salesman Jason Perry Boldt is bankrupt and unlikely to repay more than $800,000 clients lost lending his company money, a hearing panel has ruled.

Boldt was working for Global Maxfin Investments Inc. from 2011 to 2014 when he convinced eight clients to lend a total of $1.3 million to a company he owned without telling Global Maxfin about the transactions, according to an agreed statement of facts.

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While part of that money was given back as interest, the Spruce Grove man kept $812,300, the three-member Mutual Fund Dealers Association of Canada panel wrote in a decision released this week.

“(He) was recently discharged from bankruptcy proceedings. Thus it appears unlikely that (he) will ever repay the clients, who will thus be unable to recoup their losses.”

The panel concluded Boldt, 43, must have known after working in the field for 14 years that he wasn’t allowed to borrow from clients and had to let his employer know about outside businesses.