TORONTO, Aug.18, 2014 The penalty phase of a disciplinary hearing in the matter of Bruce Ian Mawer (the "Respondent") was held today in Edmonton, Alberta before a three-member Hearing Panel of the MFDA's Prairie Regional Council.
After hearing submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent, and advised that it will issue written reasons for its decision in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business while in the employ of or associated with any MFDA Member;
- a $50,000 fine; and
- $7,500 in costs.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 110 Members and their approximately 80,000 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