TORONTO, Feb. 14, 2019 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated February 11, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on November 23, 2018 in the matter of Darragh John Anthony Pender ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of three months;
- has paid a fine of $25,000;
- has paid costs of $5,000;
- shall write or rewrite and pass the Ethics and Professionalism Conduct Course offered by the IFSE Institute prior to being re-registered in the mutual fund industry; and
- shall in the future comply with MFDA Rules 1.1.1, 1.1.3(a), 2.1.1, 2.2.1(a), 2.2.1(e)(i), 2.2.2, and 2.5.1 and 1.1.2.
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 81,000 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, Managing Director, Litigation, 416-943-4619, [email protected]