TORONTO, Feb. 28, 2019 /CNW/ - A settlement hearing in the matter of Brian Arthur Greigson (the "Respondent") was held on January 24, 2019 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 has approved the Settlement Agreement dated January 14, 2019 ("Settlement Agreement") between Staff of the MFDA and the Respondent, and has issued its Decision and Reasons dated February 27, 2019 ("Decision and Reasons").
In its Decision and Reasons, the Hearing Panel imposed the following sanctions:
- the Respondent is prohibited from conducting securities related business while in the employ of or associated with any MFDA Member for a period of three months;
- the Respondent has paid a fine of $7,500; and
- the Respondent has paid costs of $2,500.
In the Settlement Agreement, the Respondent admitted that between January and March 2014, he referred two clients and one other individual to purchase $75,000 of syndicated mortgages outside the Member, and received $3,750 in referral fees outside the Member for doing so, thereby engaging in conduct contrary to MFDA Rules 1.1.1, 2.4.2 and 2.1.1, and the requirements of sections 13.7 and 13.8 of National Instrument 31-103.
Copies of the Decision and Reasons and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent conducted his mutual fund business in Kingston, Ontario.
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]