MFDA Hearing Panel issues Reasons for Decision in the matter of Abner Hufanda

TORONTO, Sept. 17, 2015 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Vancouver, British Columbia on September 3, 2015 in the matter of Abner Sarabia Hufanda (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated September 16, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:

i)       

has paid a fine in the amount of $10,000;

ii)      

has paid costs in the amount of $2,500; and

iii)    

has been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member, commencing from the date of the Hearing Panel's Order.

In the Settlement Agreement, the Respondent admitted that between March 18, 2010 and December 31, 2012, he purportedly invested at least $90,000 received from clients JM, MDJ, MJ and MT in a real estate investment outside the Member and thereafter failed to repay or otherwise account for the monies, contrary to MFDA Rules 2.1.1, 2.1.4, 1.1.1, and 1.2.1(c).  

Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Vancouver, British Columbia.

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 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: Charles Toth, Director, Litigation, 416-943-4619, ctoth@mfda.ca; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, jmount@mfda.ca

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http://www.mfda.ca

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