TORONTO, Jan. 16, 2015 /CNW/ - A Settlement Hearing in the matter of Patrick Cronin (the "Respondent") was held today in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- shall for a period of ten (10) years be prohibited from conducting securities related business while in the employ of or associated with any MFDA Member;
- has paid a fine in the amount of $10,000;
- has paid costs in the amount of $2,500; and
- shall in future comply with MFDA Rules 1.2.1(c) and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between January 11, 2002 and November 8, 2011, he had and continued in another gainful occupation that was not disclosed to and approved by the two Members with which he was registered in succession by arranging private loans and mortgages for third party borrowers and lenders, some of whom were clients, contrary to MFDA Rules 1.2.1(c) and 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in and around Dublin, Ontario, located near Stratford, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]