TORONTO, Oct. 15, 2012 /CNW/ - A disciplinary hearing in the matter of Lorne Michael Piett (the "Respondent") was held in Regina, Saskatchewan on July 24, 2012 at which a Hearing Panel of the MFDA's Prairie Regional Council concluded that Allegations 1 and 3 set out in MFDA staff's Notice of Hearing had been established, but reserved its decision with respect to penalty.
Today, the Hearing Panel issued its Reasons for Decision, a copy of which is available on the MFDA website at www.mfda.ca, and announced that the following penalties and costs have been imposed on the Respondent:
- a permanent prohibition of the Respondent to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a global fine of $175,000; and
- costs of $7,500.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 120 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
416-943-4672 or email@example.com