TORONTO, Jan. 14, 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 January 5, 2016, in the matter of Gerald Daniel Rumball (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 January 14, 2016, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- permanent prohibition from re-applying for registration as an Approved Person or conducting securities related business while in the employ of or associated with any Member of the MFDA;
- shall pay a fine in the amount of $25,000, payable in two (2) instalments as follows:
- $10,000 payable on the date that the Settlement Agreement is accepted by the Hearing Panel; and
- the balance payable on or before March 1, 2016
- costs in the amount of $5,000.
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 conducted business in the Hagersville, 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 101 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, firstname.lastname@example.org