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