MFDA Hearing Panel Approves Settlement Agreement with Joseph Zollo

    TORONTO, March 20 /CNW/ - A Settlement Hearing in the Matter of Joseph
Zollo was held today before a Hearing Panel of the Central Regional Council of
the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel
approved the Settlement Agreement between the MFDA and Mr. Zollo. The
following is a summary of the Orders made by the Hearing Panel:

    -   Suspension of the authority of Mr. Zollo to conduct securities-
        related business for a period of 3 years and six months from the date
        of the Settlement Agreement, and

    -   In the event that Mr. Zollo resumes employment as a mutual fund
        salesperson following completion of the suspension, he shall be
        subject to an additional period of one year and six months of close
        supervision upon the commencement of his employment.

    The Hearing Panel advised that it would issue written reasons in due
    A copy of the Order and Settlement Agreement are available on the MFDA
website at

    The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations, standards of practice and business conduct of its 163 Members and
their approximately 75,000 Approved Persons with a mandate to protect
investors and the public interest.

For further information:

For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672 or

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