MFDA Hearing Panel issues Reasons for Decision in the matter of Eronaldo De Souza

TORONTO, Aug. 10, 2016 /CNW/ - A Hearing Panel of the Central 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 Toronto, Ontario on July 28, 2016 in the matter of Eronaldo De Souza (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 August 10, 2016, (the "Reasons for Decision") the Hearing Panel confirmed the following sanctions:

i)    

a fine in the amount of $4,500 (the "Fine");

ii)  

costs in the amount of $2,500 ("Costs");

iii)  

the Fine and Costs shall be paid in seven installments: the first installment in the amount of $2,500 shall be paid on the date of the settlement hearing, the remaining six installments in the amount of $750 each are payable on or before the final business day of the six months that follow the date of the acceptance of the settlement agreement by the Hearing Panel;

iv) 

if the Respondent fails to make any of the installment payments described in subparagraphs (i)-(iii) above when the payments become due, then without further notice to the Respondent, the Respondent shall summarily be suspended from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member until the full amount of the Fine and Costs have been paid; and

v)  

in the future shall comply with MFDA Rule 2.1.1.

 

In the Settlement Agreement, the Respondent admitted that between June 2008 and January 2015, he obtained, possessed, and in two instances, used to process trades, four pre-signed account forms in respect of one client, contrary to MFDA Rule 2.1.1.

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 the 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 Members and their approximately 83,000 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

RELATED LINKS
http://www.mfda.ca

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