TORONTO, May 3, 2012 /CNW/ - A Settlement Hearing in the matter of Stanley Wayne Parke (the "Respondent") was held today in Calgary, Alberta before a Hearing Panel of the MFDA's Prairie Regional Council. The Hearing Panel accepted the Settlement Agreement between the Respondent and MFDA Staff, as a consequence of which the Respondent:
- has been prohibited for 10 years from conducting securities related business while in the employ of, or associated with, a Member of the MFDA.
- will pay a fine of $10,000; and
- will pay costs of $5,000.
If the Respondent fails to pay the fine or costs in accordance with the Settlement Agreement, he will be permanently prohibited from conducting securities related business while in the employ of, or associated with, a Member of the MFDA and shall pay an additional fine of $10,000.
In the Settlement Agreement, the Respondent admitted that between November 2002 and 2006, he engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling or facilitating the sale of shares in a private company to 59 individuals, 13 of whom were clients of the Member, through another company owned or controlled by the Respondent, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 122 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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