MFDA Hearing Panel issues Reasons for Decision in the matter of Michael Prueter

TORONTO, Aug. 26, 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 August 10, 2015 in the matter of Michael Gordon Prueter (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 26, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:

i)       

a fine in the amount of $10,000;

ii)      

costs in the amount of $2,500;

iii)    

a prohibition from conducting securities related business while in the employ of or associated with any MFDA Member for a period of two (2) years; and

iv)    

shall in the future comply with MFDA Rules 1.2.1(c) and 2.1.1.

In the Settlement Agreement, the Respondent admitted that between September 2003 and February 2013, he had and continued in at least three (3) other gainful occupations which were not disclosed to and approved by the Member, including:

(a)   

acting as the sole director, Secretary and operator of a financing corporation;

(b)  

acting as the sole director, President, Secretary, Treasurer, and controlling shareholder of a corporation to develop a hotel in Quebec; and

(c)   

acting as a director and operator of a corporation to develop an aquaculture plant in British Columbia;

contrary to MFDA Rules 1.2.1(c) (formerly MFDA Rule 1.2.1(d)), 2.4.2 and 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 areas of Burnaby and Maple Ridge, 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

RELATED LINKS
http://www.mfda.ca

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890