TORONTO, June 14 /CNW/ - A Settlement Hearing in the matter of Brian Edward Mark Nerdahl was held today in Toronto, Ontario before a Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (the "MFDA").
The Hearing Panel accepted the Settlement Agreement between Mr. Nerdahl and MFDA Staff, as a consequence of which Mr. Nerdahl:
- has paid a fine in the amount of $5,000;
- has been permanently prohibited from conducting securities related
business in any capacity while in the employ of or associated with
any MFDA Member; and
- has paid costs in the amount of $3,000.
The Hearing Panel advised that it would issue written reasons for its decision in due course.
In the Settlement Agreement, Mr. Nerdahl admitted that he had and continued in an occupation that was not approved by the Member by facilitating loans by 17 clients of the Member and others of approximately $590,000 to Commonwealth Capital Corporation, a company that described itself as a "private wealth management service organization". He also admitted that he had and continued in an occupation that was not approved by a subsequent Member by facilitating participation by a client and others of approximately $24,000 in the Canadian Humanitarian Trust, a charitable program that was purportedly structured to allow taxpayers to increase their level of charitable donations and receive charitable donation tax credits.
A copy of the Settlement Agreement 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: Shaun Devlin, Vice-President, Enforcement, 416-943-4672 or firstname.lastname@example.org