TORONTO, May 16, 2016 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Penalty) following a penalty hearing in Toronto, Ontario on April 29, 2016 in respect of W. H. Stuart Mutuals Ltd. ("W.H. Stuart"), Marilyn Dianne Stuart ("Dianne Stuart") and Walter Howard Stuart ("Howard Stuart") (collectively, the "Respondents"). In its Decision and Reasons (Penalty) dated May 16, 2016, the Hearing Panel announced the following:
W. H. Stuart Mutuals Ltd.
- termination of Membership in the MFDA.
a fine of $7,000,000, payable within 24 months; and
- a permanent prohibition from conducting securities related business in any capacity as an Approved Person of, or in association with, any MFDA Member;
a fine in the amount of $1 million, payable within 24 months;
- a permanent prohibition from conducting securities related business in any capacity as an Approved Person of, or in association with, any MFDA Member.
Dianne Stuart and Howard Stuart are jointly and severally liable up to the amount of $1,000,000.
The Panel also ordered that, should either or both of Dianne Stuart or Howard Stuart make restitution (voluntary or compelled) in any related legal proceeding to those who have incurred losses, including the MFDA Investor Protection Corporation, these fines shall be reduced accordingly, and equally as between Dianne Stuart and Howard Stuart.
A copy of the Decision and Reasons (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Penalty), the Respondent's Head Office was located in Markham, Ontario.
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]