MFDA Central Regional Council Hearing Panel Makes Findings Against Michael MacDonald

    TORONTO, Nov. 7 /CNW/ - A disciplinary hearing in the Matter of Michael
MacDonald was held today before a Hearing Panel of the Central Regional
Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing
Panel found that the allegations set out by MFDA staff in the Notice of
Hearing dated June 22, 2007 had been established.

    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) A permanent prohibition on Mr. MacDonald from conducting securities-
        related business in any capacity while in the employ of, or
        associated with, any MFDA Member;

    (b) A fine in the amount of $50,000 for failing to cooperate with an MFDA
        investigation, and

    (c) Costs in the amount of $7,500

    A copy of the Notice of Hearing is available on the MFDA web site at

    The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations, standards of practice and business conduct of its 162 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

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