TORONTO, May 1, 2017 /CNW/ - A settlement hearing in the matter of Robert Henry Young ("Respondent") was held on April 26, 2017 in Halifax, Nova Scotia before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions have been imposed on the Respondent:
- a five (5) year prohibition on the authority of the Respondent 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 $5,000, payable on or before June 30, 2017;
- costs in the amount of $5,000; and
- shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rules 1.3, 2.5.1, 1.1.2 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between 2003 and 2009, he engaged in outside business activities in relation to his involvement with two corporations which were not disclosed to or approved by, the Member, contrary to the Member's policies and procedures, and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 2.5.1, 1.1.2 and 2.1.1
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in Dartmouth, Nova Scotia.
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 83,000 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, Director, Litigation, 416-943-4619, [email protected]