TORONTO, March 20 /CNW/ - A Hearing Panel of the Central Regional Council
of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its
Decision and Reasons in connection with the disciplinary hearing held in
Toronto, Ontario on January 31, 2007 in respect of Donald Kenneth Coatsworth.
The Hearing Panel found that the following allegations set out by MFDA
staff in the Notice of Hearing dated November 1, 2006, summarized below, had
Allegation No.1: Commencing in or around 2003, Mr. Coatsworth engaged
in gainful occupation outside the business of the Member without so
advising the Member and obtaining the approval of the Member,
contrary to MFDA Rule 1.2.1 (d)(iii).
Allegation No.2: Commencing on or about November 7, 2005, Mr.
Coatsworth failed to attend and give information relevant to the
matters being investigated and failed to produce for inspection and
provide copies of books, records and accounts respecting such
matters, contrary to s. 22.1(b) and s. 22.1(c) of MFDA By-Law No. 1.
The following is a summary of the Orders made by the Hearing Panel:
1. Permanent prohibition from conducting securities related business
while in the employ of, or associated with, any MFDA Member;
2. A fine in the amount of $10,000 with respect to allegation No. 1
in the Notice of Hearing;
3. A fine in the amount of $50,000 with respect to allegation No. 2
in the Notice of Hearing; and
4. Costs of the proceedings in the amount of $7,500.
A copy of the Decision and Reasons is available on the MFDA website at
The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations, standards of practice and business conduct of its 163 Members and
their approximately 75,000 Approved Persons with a mandate to protect
investors and the public interest.
For further information:
For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672 or firstname.lastname@example.org