MFDA Hearing Panel issues Decision and Reasons (Penalty) in the matter of Bruce Mawer

TORONTO, Sept. 22, 2014 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Penalty) following a penalty hearing held on August 18, 2014, in respect of Bruce Ian Mawer (the "Respondent").

In its Decision and Reasons (Penalty) dated September 22, 2014, the Hearing Panel imposed the following sanctions on the Respondent:

  • 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;
  • a $50,000 fine; and 
  • $7,500 in costs.

In an earlier decision dated April 3, 2014, the Hearing Panel found that the Respondent committed the following violations:

(a)  

between 2006 and 2007, he engaged in personal financial dealings with four clients of the Member by soliciting and accepting monies from them in the total amount of $103,000, which monies he pooled with monies obtained from four insurance-only clients, his partner SS and his own monies, for the purposes of purchasing investment properties, contrary to MFDA Rules 2.1.4 and 2.1.1.



(b)  

between 2006 and 2007, he had and continued in another gainful occupation that was not disclosed to and approved by the Member by soliciting and accepting monies in the total amount of $240,000 from four clients of the Member and four insurance only clients, which monies he pooled together with monies obtained from his partner SS and his own monies, for the purposes of purchasing investment properties, contrary to MFDA Rules 1.2.1(d) and 2.1.1.

A copy of the Decision and Reasons (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Penalty), the Respondent carried on business in Edmonton, Alberta.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 108 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, hcorbett@mfda.ca; Mark Stott, Vice-President, Prairie Region, 403-215-8329, mstott@mfda.ca

RELATED LINKS
http://www.mfda.ca

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