TORONTO, May 5 /CNW/ - The MFDA commenced a disciplinary proceeding in respect of Adrian Samuel Leemhuis and ASL Direct Inc. ("ASL") by Notice of Hearing dated October 17, 2008. A settlement hearing in respect of Mr. Leemhuis was held on April 21 and 22, 2010 before a Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel has accepted the Settlement Agreement between Mr. Leemhuis and MFDA Staff, as a consequence of which Mr. Leemhuis shall:
- pay a fine in the amount of $50,000;
- be 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 for a period of
five years commencing May 4, 2010; and
- pay costs of the investigation and prosecution in the amount of
In the Settlement Agreement, Mr. Leemhuis admitted that, in his capacity as President and Chief Compliance Officer of ASL, he did not operate ASL in accordance with a number of its regulatory obligations. Copies of the Settlement Agreement dated April 16, 2010 and the Hearing Panel's Order dated May 4, 2010 are available on the MFDA website at www.mfda.ca.
The Hearing Panel advised that it will issue written reasons for its decision in due course.
The Hearing Panel also ordered that the hearing on the merits in respect of ASL will take place in the Hearing Room located at the offices of the MFDA at 121 King Street West, Suite 1000 in Toronto, Ontario commencing at 9:00 a.m. on May 18, 2010, or as soon thereafter as the appearance can be held, and if additional time is required, the hearing will continue on May 20, 2010 at 2:00 p.m. and May 21, 2010 at 10:00 a.m.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 140 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: Shaun Devlin, Vice-President, Enforcement, (416) 943-4672, or firstname.lastname@example.org