TORONTO, June 10 /CNW/ - A Settlement Hearing in the matter of Roderick Iain McLeod was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and Mr. McLeod, as a consequence of which Mr. McLeod has:
- been permanently prohibited from acting as a mutual fund salesperson
while in the employ of or associated with a Member of the MFDA;
- paid a fine in the amount of $7,000; and
- paid costs in the amount of $2,500.
In the Settlement Agreement, Mr. McLeod admitted that he engaged in securities related business that was not carried on for the account of the Member and through the facilities of the Member by referring or facilitating the sale of $125,000 of an investment product that had not been approved for sale by the Member, contrary to MFDA Rule 1.1.1.
The Hearing Panel will issue written reasons for its decision in due course. Copies of the Settlement Agreement and the Hearing Panel's Order are 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 139 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Shaun Devlin, Vice-President, Enforcement, (416) 943-4672 or firstname.lastname@example.org