MFDA Hearing Panel makes findings against Michael Franco

TORONTO, Jan. 25 /CNW/ - The MFDA commenced a disciplinary proceeding in respect of Michael Franco by Notice of Hearing dated July 28, 2010.

The hearing of this matter on its merits took place today in Calgary, Alberta before a Hearing Panel of the MFDA's Prairie Regional Council. The parties filed an Agreed Statement of Facts prior to the hearing in which Mr. Franco admitted a number of facts which constitute misconduct on his part and for which he could be penalized by a Hearing Panel pursuant to MFDA By-laws.

Following submissions from the parties, the Hearing Panel imposed the following penalties on Mr. Franco and advised that it will issue written reasons for its decision in due course:

(a)  a five (5) year suspension from conducting securities related business in any capacity over which the MFDA has jurisdiction;
(b)  a fine in the amount of $40,000; and
(c)  costs in the amount of $5,000.

A copy of the Notice of Hearing is available on the MFDA website at

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 136 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

SOURCE Mutual Fund Dealers Association of Canada

For further information:

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or


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