TORONTO, Nov. 12, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Frank Louis Surette ("Respondent") by Notice of Hearing dated March 5, 2019.
The hearing of this matter on its merits concluded on November 5, 2019 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the MFDA. At the hearing, Staff of the MFDA made submissions with respect to sanctions and the Hearing Panel reserved its decision.
The Hearing Panel has imposed the following sanctions against the Respondent and advised that it will issue written reasons as to misconduct and sanctions in due course:
- a permanent prohibition of the Respondent's authority to conduct securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- a fine in the amount of $50,000; and
- costs in the amount of $11,187.50.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 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: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]