TORONTO, June 25, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Paolo Abate (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated April 10, 2014.
In its Decision and Reasons (Misconduct), dated March 12, 2105, the Hearing Panel made findings against the Respondent.
Submissions by the parties with respect to penalty took place today before a three-member Hearing Panel of the MFDA's Central Regional Council. Following submissions, the Hearing Panel imposed the following sanctions on the Respondent, and advised that it will issue its written reasons in due course:
- a suspension of six (6) months from conducting securities related business while in the employ of or associated with any MFDA Member;
- a fine in the amount of $15,000; and
- costs in the amount of $5,000.
Copies of the Notice of Hearing and Decision and Reasons (Misconduct) are available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Greater Toronto, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 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: Charles Toth, Director Litigation, 416-943-4619, firstname.lastname@example.org