TORONTO, Aug. 13, 2018 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated August 13, 2018 in connection with a disciplinary hearing held in Winnipeg, Manitoba on June 26, 2018 in the matter of David Tobac ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been ordered to pay a fine in the amount of $20,000; and
- has been ordered to pay costs in the amount of $2,500.
In the Agreed Statement of Facts dated April 24, 2018, the Respondent admitted that on October 12, 2016, he processed a redemption in a client account based on the instructions from someone other than the client, contrary to MFDA Rules 2.3.1 and 2.1.1.
Copies of the Reasons for Decision and the Agreed Statement of Facts are 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 Winnipeg, Manitoba 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