MFDA Hearing Panel Approves Settlement Agreement with Melvin R. Penney

    TORONTO, April 15 /CNW/ - A Settlement Hearing in the matter of Melvin R.
Penney was held today before a Hearing Panel of the Atlantic Regional Council
of the Mutual Fund Dealers Association of Canada ("MFDA") in Moncton, New
Brunswick. The Hearing Panel approved the Settlement Agreement between the
MFDA and Mr. Penney. The following is a summary of the Orders made by the
Hearing Panel:

    -   Mr. Penney shall pay a fine of $5,000;
    -   Mr. Penney's authority to conduct securities related business with
        any MFDA Member is suspended for 2 years; and
    -   If Mr. Penney fails to pay the fine in full by January 15, 2010 he
        shall, without further notice, be permanently prohibited from
        conducting securities related business with any MFDA Member.

    The Hearing Panel advised that it would issue written reasons for its
decision in due course.
    A copy of the Settlement Agreement is available on the MFDA website at

    The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business conduct
of its 150 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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