TORONTO, April 20 /CNW/ - A Settlement Hearing in the matter of Michael Rosenfelder was held today 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. Rosenfelder and MFDA Staff, as a consequence of which Mr. Rosenfelder:
- paid a fine in the amount of $10,000;
- paid costs in the amount of $2,500; and
- shall not seek authority to conduct securities related business while
in the employ of or associated with a Member of the MFDA.
In the Settlement Agreement, Mr. Rosenfelder admitted that between January and September 2005, he engaged in securities related business that was not carried on for the account of the Member and through the facilities of the Member by referring or facilitating the sale of a total of $150,000 of an investment product to two clients when that investment product had not been approved for sale by the Member, contrary to MFDA Rule 1.1.1.
The Hearing Panel will issue written reasons for its decision in due course. Copies of the Settlement Agreement and the Hearing Panel's Order are 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 141 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