TORONTO, April 14 /CNW/ - A Settlement Hearing in the matter of David William John Irwin 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 approved the Settlement Agreement between Mr. Irwin and MFDA Staff, as a consequence of which Mr. Irwin:
- has been prohibited from conducting securities related business while
in the employ of, or associated with, any MFDA Member for a period of
5 years, excluding securities related business which Mr. Irwin may
engage in with Becksley Capital Inc. or any entity which is not an
- shall pay a fine in the amount of $40,000 as follows:
- $10,000 payable upon approval of the Settlement Agreement;
- $10,000 payable on or before October 14, 2010; and
- $20,000 payable on or before January 14, 2011.
- shall pay $1,000 in respect of costs of the proceeding on or before
January 14, 2011.
In the event that Mr. Irwin fails to pay the fine and costs as ordered he will be permanently prohibited from conducting securities related business while in the employ of, or associated with, any MFDA Member.
The Hearing Panel advised that it would issue written reasons for its decision in due course.
In the Settlement Agreement, Mr. Irwin admitted that 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 making referrals in respect of the sale of Lighthouse Pointe Limited Partnership units to 24 clients, contrary to MFDA Rules 2.4.2 and 1.1.1. He also admitted that he failed to comply with the Member's policies and procedures with respect to securities related business, referral arrangements, and the disclosure and approval of outside business activities, contrary to MFDA Rules 1.1.2 and 2.5.1.
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 141 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
For further information: For further information: Shaun Devlin, Vice-President, Enforcement, (416) 943-4672, or email@example.com