TORONTO, June 22 /CNW/ - A disciplinary hearing in the matter of Ronald Lindsay Brown (the "Respondent") was held today in London, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel found that Allegations No.1 and No.3 of the Notice of Hearing had been established, while MFDA Staff withdrew Allegation No.2. The Panel made the following orders at the end of the hearing and advised that it will issue written reasons for its decision in due course:
- the Respondent is permanently prohibited from being registered or
acting in the capacity of Ultimate Designated Person, Chief
Compliance Officer, Compliance Officer or Branch Manager for a
Member of the MFDA;
- the Respondent is prohibited from conducting securities related
business while in the employ of or associated with any Member of the
MFDA for a period of 5 years;
- the Respondent shall pay a fine in the amount of $45,000; and
- the Respondent shall pay costs in the amount of $5,000.
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 139 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Marco Wynnyckyj, Hearings Coordinator, 416-945-5146 or firstname.lastname@example.org