TORONTO, March 7, 2019 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated March 7, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Halifax, Nova Scotia on December 13, 2018 in the matter of Edgar Donald Wilcott ("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 in the employ of or associated with a Member of the MFDA for a period of one year;
- is prohibited from acting as a branch manager or in a supervisory capacity with a Member of the MFDA for a period of two years;
- has paid a fine of $20,000; and
- has paid costs of $2,500.
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 conducted business in the Halifax, Nova Scotia 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 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]