TORONTO, Jan. 17, 2014 /CNW/ - The penalty phase of a disciplinary hearing in the matter of Peter Haralds Brauns was held today in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council.
After hearing submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent, and advised that it will issue written reasons for its decision in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business while in the employ of or associated with any MFDA Member;
- an $850,000 fine, subject to possible reduction to the extent of any restitution paid by the Respondent; and
- $30,000 in costs.
A copy of the Amended Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in Ottawa, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 112 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, firstname.lastname@example.org