TORONTO, May 13, 2013 /CNW/ - A disciplinary hearing in the matter of Leslie Duncan McIntosh (the "Respondent") was held today in Calgary, Alberta before a Hearing Panel of the MFDA's Prairie Regional Council.
Following submissions from MFDA counsel, the Hearing Panel found that the allegations set out in the Notice of Hearing dated November 9, 2012 had been established and imposed the following sanctions and costs on the Respondent at the conclusion of the hearing:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- a fine of $1.6 million in relation to Allegations #1 and #2 in the Notice of Hearing;
- a fine of $50,000 in relation to Allegation #3 in the Notice of Hearing; and
- costs of $10,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 116 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
Director of Litigation
Vice-President, Prairie Region