TORONTO, June 16, 2017 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on March 30, 2017 in the matter of David Careless ("Respondent").
In its Reasons for Decision dated June 15, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid costs in the amount of $1,500;
- 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 six (6) months;
- shall successfully complete the Conduct and Practices Handbook course offered by the Canadian Securities Institute within one (1) year of the date of the acceptance of the settlement agreement by the Hearing Panel; and
- shall in the future comply with MFDA Rule 1.1.2, 2.5.1, 2.1.1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Greater Toronto 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 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]