TORONTO, Sept. 20, 2012 /CNW/ - A disciplinary hearing in the matter of
Stephen Popen was held today in Toronto, Ontario before a Hearing Panel
of the MFDA's Central Regional Council.
The Hearing Panel found that the allegations against Mr. Popen made by
MFDA staff in the Notice of Hearing dated April 27, 2012 had been
established. At the conclusion of the hearing, the Hearing Panel
imposed the following penalties and costs on Mr. Popen and advised that
it will issue written reasons for its decision in due course:
a permanent prohibition from conducting securities related business in
any capacity while in the employ of or associated with any MFDA Member;
a $25,000 fine with respect to Allegation #1;
a $185,000 fine with respect to Allegation #2;
a $50,000 fine with respect to Allegation #3; and
costs in the amount of $7,500.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business
conduct of its 120 Members and their approximately 75,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
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