MFDA Hearing Panel makes decision on penalty in the Matter of Gerard and Mavis Brake



    TORONTO, Feb. 19 /CNW/ - A Hearing Panel of the Prairie Regional Council
of the Mutual Fund Dealers Association of Canada ("MFDA") issued its Decision
and Reasons with respect to misconduct in the matter of Gerard Brake and Mavis
Brake on December 3, 2008.
    The hearing of this matter with respect to penalty took place today
before the Hearing Panel in Winnipeg, Manitoba. The Hearing Panel made the
following orders at the conclusion of the hearing and advised that it would
issue written reasons for its decision in due course:

    
    -  A permanent prohibition on the authority of the Respondents to conduct
       securities related business in any capacity;
    -  A fine in the amount of $1,229,660 imposed upon the Respondents
       jointly and severally in respect of Allegations 1, 2, 3 and 4;
    -  A fine in the amount of $75,000 imposed upon Mavis Brake in respect of
       Allegation 5;
    -  A fine in the amount of $50,000 imposed upon Gerard Brake in respect
       of Allegation 6;
    -  A fine in the amount of $50,000 imposed upon Mavis Brake in respect of
       Allegation 6;
    -  Costs in the amount of $10,000 imposed upon Gerard Brake; and
    -  Costs in the amount of $10,000 imposed upon Mavis Brake.
    

    A copy of the Notice of Hearing is available on the MFDA website at
www.mfda.ca.

    The MFDA is the self-regulatory organization for Canadian mutual fund
dealers. The MFDA regulates the operations, standards of practice and business
conduct of its 152 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


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