TORONTO, Oct. 30, 2014 /CNW/ - A Settlement Hearing in the matter of Thomas Charles Bulloch (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:
- has been permanently prohibited from conducting securities related business while in the employ of, or associated with, a Member of the MFDA;
- has paid a fine in the amount of $25,000; and
- has paid costs of $5,000.
In the Settlement Agreement, the Respondent admitted that he made referrals in respect of the sale of approximately $7,336,181.88 [$3,576,399.44 excluding reinvestments] of investment products to at least 5 clients and 6 other individuals outside Sun Life, for which he received fees or compensation totaling approximately $50,274.01, contrary to MFDA Rule 2.4.2 and sections 13.7 and 13.8 of National Instrument 31-103.
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 Orangeville, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 108 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]