TORONTO, June 8, 2018 /CNW/ - A settlement hearing in the matter of Ryan Raymond Edward Dibbley ("Respondent") was held yesterday 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 approved the settlement agreement dated May 11, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed:
- a prohibition from acting in the position of a branch manager while in the employ of or associated with any MFDA Member for a period of six months;
- a fine in the amount of $5,000 ("Fine");
- costs in the amount of $2,500 ("Costs");
- payment of the Fine and Costs described above shall be made to and received by MFDA Staff in certified funds as follows:
- $2,500 (Costs) shall be paid upon acceptance of the Settlement Agreement;
- $1,000 (Fine) shall be paid on or before July 31, 2018;
- $1,000 (Fine) shall be paid on or before August 31, 2018;
- $1,000 (Fine) shall be paid on or before September 28, 2018;
- $1,000 (Fine) shall be paid on or before October 31, 2018; and
- $1,000 (Fine) shall be paid on or before November 20, 2018;
- if the Respondent fails to make any of the payments described above then:
- any outstanding balance of the Fine owed by the Respondent shall immediately become due and payable to the MFDA; and
- the Respondent shall be prohibited from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine owed by the Respondent is paid to the MFDA.
- in the future shall comply with MFDA Rules 2.5.5(f) and 1.2.1(c) (now MFDA Rule 1.3.2).
In the Settlement Agreement, the Respondent admitted that:
between October 2012 and May 9, 2014, he failed to disclose to the Member two outside business activities for which he was named officer and/or director, contrary to MFDA Rules 1.2.1(c) (now MFDA Rule 1.3.2);
between 2013 and May 9, 2014, in his capacity as branch manager, he did not adequately query or report to the Member unapproved outside business activities at the branch location supervised by the Respondent, contrary to MFDA Rules 2.5.5(f); and
between January 2014 and May 9, 2014, in his capacity as a branch manager, he failed to adequately query or advise the Member of information concerning financial difficulties at the branch location supervised by the Respondent, contrary to MFDA Rules 2.5.5(f).
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 the Hamilton, Ontario area.
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 82,000 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: please contact: Charles Toth, Director, Litigation, 416-943-4619, [email protected]