TORONTO, April 29 /CNW/ - A disciplinary hearing in the matter of Kent Owen Westgard (the "Respondent") was held today before a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") in Calgary, Alberta.
The Hearing Panel found that the allegations set out by MFDA staff in the Notice of Hearing dated December 21, 2009 had been established. The Hearing Panel imposed the following penalties on the Respondent at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:
- A permanent prohibition from conducting securities related business
in any capacity while in the employ of or associated with any MFDA
- A fine of $50,000 with respect to Allegation No.1 (securities related
business outside the Member) and Allegation No.2 (dual occupation);
- A fine of $50,000 with respect to Allegation No.3 (failure to
- Costs in the amount of $7,500.
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, regulating the operations, standards of practice and business conduct of its 141 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Marco Wynnyckyj, Hearings Coordinator, (416) 945-5146 or firstname.lastname@example.org