MFDA Hearing Panel issues Reasons for Decision in the matter of Farm Mutual Financial Services Inc.



    TORONTO, April 28 /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 the disciplinary hearing held in
Toronto, Ontario on December 10, 2008 concerning Farm Mutual Financial
Services Inc. (the "Respondent").

    
    The Hearing Panel imposed the following penalties on the Respondent:

    (a) Termination of any and all of the rights and privileges of Membership
        in the MFDA;
    (b) A fine in the amount of $2,141,113.93 with respect to Allegations
        No. 1 to No. 4;
    (c) A fine in the amount of $500,000.00 with respect to Allegations No. 5
        and No. 6; and
    (d) Costs in the amount of $50,000.00.
    

    A copy of the Reasons for Decision is available on the MFDA website at
www.mfda.ca.

    The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business conduct
of its 150 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 sdevlin@mfda.ca


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